Calculate: (A) Net Sales, (B) Inventory Shrinkage, (C) Gross Profit

Short Answer

Calculate: (a) net sales, (b) inventory shrinkage, (c) gross profit, and (d) net income from the following:
$$\begin{array} { l r l r } \text { Sales } & \$ 3,000 & \text { Cost of Goods Sold (unadjusted) } & \$ 2,000 \\\text { Sales Discount } & 50 & \text { Merchandise Inventory } & 1,400 \\\text { Sales Returns and } & & \text { Physical Inventory Count } & 1,350 \\\text { Allowances } & 80 & \text { Operating Expenses } & 300\end{array}$$