1.

) Sales – Cost of Goods Sold = Profit

111,000 – 100400 = 10,600

10,600/111,000 = 0.095

GROSS PROFIT RATIO = 0.095

2.)

DATE ACCOUNT DEBIT CREDIT

3 February Purchases 5,300
Accounts Payable 5,300
13 February Accounts payable 1,100
Purachase returns 1,100
20 February Accounts payable 4,200
Cash 4,200
 3.)

DATE ACCOUNT DEBIT CREDIT

3 April Accounts Receivable 9,500
Sales 9,500
Cost of Goods Sold 8,075
Inventory 8,075
20 February Cash 9,500
Accounts Receivable 9,500

4.) Net Sales = Sales – Sales discounts – sales returns and allowances
Net sales = 64,000-9,900-13,300

Net Sales = 40,800

Gross profit = 40,800 – 29,000

Gross profit = 11,800