Using the Following Information,calculate for 20xx (A)net Sales,(b)beginning Merchandise Inventory,(c)gross

Essay

Using the following information,calculate for 20xx (a)net sales,(b)beginning merchandise inventory,(c)gross margin,and (d)net income.
$\begin{array}{lr}\text { Sales statt Salaries Expense } & 7,000 \\\text { Sales } & 90,000 \\\text { Ending Merchandise Inventory } & 16,000 \\\text { Purchases Returns and Allowances } & 500\\\text { General and Administrative Expenses } & 11,000 \\\text { Sales Returns and Allowances } & 1,200 \\\text { Freight-In } & 1,500 \\\text { Purchases } & 30,000 \\\text { Cost of Goods Sold } & 47.000\end{array}$