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Freebies offers an unconditional return policy within 30 days. It normally expects 7% of sales...

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Accounting

Freebies offers an unconditional return policy within 30 days. It normally expects 7% of sales at retail selling prices to be returned before the return period expires. Assume Freebies records total gross sales of $6,000,000 for the current period with associated Cost of Goods sold of $4,500,000.What is Freebies Gross Margin?What amount of Reserve for Returns should it record?What amount of net sales should it record for this period?What amount of Cost of Goods sold should it record?

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