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  3. morales corporation (mc) is a local hardware store

Morales Corporation (MC) is a local hardware store. MC uses a perpetual inventory system. The...

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Accounting

Morales Corporation (MC) is a local hardware store. MC uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:
a. Sold merchandise for cash (cost of merchandise $248,350).
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,750).
c. Sold merchandise (costing $3,720) to a customer on account with terms n30.
d. Collected half of the balance owed by the customer in (c).
$560,000
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.
2,800
6,200
3,100
f. Anticipate further returns of merchandise (costing $1,680) after year-end from sales made during the
1,250
year.
2,600
Required:
Compute Net Sales and Gross Profit for MC.
\table[[Net Sales,],[Gross Profit,]]
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