Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486, eee 5, eee 12,1ee Sales discounts Sales returns Gross profit from sales 115, eee Loss 23, see Requlred: a. Calculate the net sales. Net sales b. Calculate the total operating expenses. Total operating expenses c. Calculate the cost of goods sold.

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.