Using the Following Information,calculate for 2010 (A)net Sales,(b)cost of Goods

Essay

Using the following information,calculate for 2010 (a)net sales,(b)cost of goods sold,(c)gross margin,and (d)net income.
$\begin{array}{lr}\text { Freight-In } & \$ 200 \\\text { Merchandise Inventory, December 31, } 2009 & 15,000 \\\text { Sales } & 60,000 \\\text { Purchases Returns and Allowances } & 300 \\\text { Advertising Expense } & 4,000 \\\text { Purchases } & 20,000 \\\text { Merchandise Inventory, December 31, } 2010 & 5,000 \\\text { Sales Returns and Allowances } & 500 \\\text { General and Administrative Expenses } & 7,000\end{array}$