Determine the amounts of the missing items, identifying them by letter 1 answer below »

Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.

Sales

$400,000

$500,000

$1,000,000

$ (g)

Sales returns and allowances

(a)

15,000

(e)

30,500

Sales discounts

20,000

8,000

40,000

37,000

Net sales

350,000

(c)

910,000

(h)

Cost of merchandise sold

(b)

285,000

(f)

540,000

Gross profit

200,000

(d)

286,500

150,000

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