Newark Company has provided the following information: • Cash sales, $640,000 • Credit sales, $1,540,000 Selling and administrative expenses, $520,000 Sales returns and allowances, $109,000 • Gross profit, $1,550,000 • Increase in accounts receivable, $74,000 • Bad debt expense, $52,000 • Sales discounts, $62,000 • Net income, $1,030,000 How much is Newark's cost of sales?

Question
Newark Company has provided the following information:
• Cash sales, $640,000
• Credit sales, $1,540,000
Selling and administrative expenses, $520,000
Sales returns and allowances, $109,000
• Gross profit, $1,550,000
• Increase in accounts receivable, $74,000
• Bad debt expense, $52,000
• Sales discounts, $62,000
• Net income, $1,030,000
How much is Newark's cost of sales?
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Newark Company has provided the following information: • Cash sales, $640,000 • Credit sales, $1,540,000 Selling and administrative expenses, $520,000 Sales returns and allowances, $109,000 • Gross profit, $1,550,000 • Increase in accounts receivable, $74,000 • Bad debt expense, $52,000 • Sales discounts, $62,000 • Net income, $1,030,000 How much is Newark's cost of sales?

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