For the fiscal year sales were 5280000 sales discounts were


1. For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of merchandise sold was $3,000,000.

a. What was the amount of net sales?

b. What was the amount of gross profit? 

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Accounting Basics: For the fiscal year sales were 5280000 sales discounts were
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