Fill in the Appropriate Blank Figures in the Income Statement $\quad$

Essay

Fill in the appropriate blank figures in the income statement below.
Gross sales $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\$ 7,500$
Sales returns and allowances $\quad$$\quad$$\quad$$\quad$$\quad$ A
Less: Cash discounts on sales $\quad$$\quad$$\quad$$\quad$ $250$
B ----------------------------- $\quad$$\quad$$\quad$$\quad$$\quad$$\$ 7,100$ Cost of goods sold
$\begin{array}{lll} \text { \text { Inventory, Tanuary } 1,2 x10} && 200 \\ \text { Purchases (gross)} & \$ 3,210 \\C----------- & 275 \\ \text { Less: Cash discounts on purchases } & 280 \\\text { Net Purchases } & \mathrm{D} & \\\text { Add: Freight In } & \underline{50} & \\\text { Total cost of merchandise acquired } & & \underline{2,705} \\\text { Cost of goods available for sale } & & 2,905 \\\text { Inventory, December } 31,2 \times 10 && \underline{280} \\\text { Cost of goods sold} 10 &&E \\\text {Gross Profit } &&\$F \\\end{array}$