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Construction offers an unconditional return policy within 60 days. It normally expects 12% of sales...

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Accounting

Construction offers an unconditional return policy within 60 days. It normally expects 12% of sales at retail selling prices to be returned before the return period expires. Assume Construction total sales of $400,000 for the current period with associated Cost of Goods sold $80,000.What is Construction Gross Margin?What amount of net sales should it record for this period?What amount of Reserve for Returns should it record for this period?What amount of Cost of Goods sold should it record for this period?What is the Gross Profit for the period?

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