NAME: SECTION:

ge Let us Practice

DIRECTION:

The Income statement for Igloso Store for the year ended 31 December 2015
with the following data:

Gross Sales P192,000

Beginning Inventory 29,700
31,200

Ending Inventory
Sales Returns and allowances 13,400

Net purchases 107,000

Operating Expenses 28,100

Determine the Igloso Store’s:

a. Net Sales
b. Cost of Goods Sold
c. Gross Profit from Sales

d. Net Profit