The Following Amounts Are on the Bear Sporting Goods Worksheet

Short Answer

The following amounts are on the Bear Sporting Goods worksheet for the month ended October 31.Required: Calculate the following:
a)Net sales
b)Net purchases
c)Net cost of purchases
d)Cost of goods available for sale
e)Cost of goods sold
f)Gross profit
$\begin{array} { l c r } \text { Account } &{ \text { Income Statement } } \\& \text { Debit } & \text { Credit } \\\hline \hline \text { Sales } & & 40 \\\text { Sales Returns and Allowances } & 4 & \\\text { Sales Discounts } & 2 & \\\text { Income Summary } & 11 & 13 \\\text { Purchases } & 15 & \\\text { Purchases Discount } & & 2 \\\text { Purchases Returns and Allowances } & & 4 \\\text { Freight-In } & 2 &\end{array}$