Calculate (A) Net Sales, (B) Cost of Goods Sold, (C)

Essay

Calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following:
$$\begin{array} { l r l r } \text { Sales } & \$ 2,200 & \text { Merchandise Inventory } & \$ 65 \\\text { Sales Discount } & 50 & \text { Cost of Goods Sold } & 1,320 \\\text { Sales Returns and Allowances } & 25 & \text { Operating Expenses } & 360\end{array}$$