1. McDowell Merchandising reported sales revenue, sales returns and allowances, and sales discounts of $57,000, $1,500, and $900, respectively, in 2014. Required Prepare the Net Sales section of...

1. McDowell Merchandising reported sales revenue, sales returns and allowances, and sales discounts of $57,000, $1,500, and $900, respectively, in 2014.

Required

Prepare the Net Sales section of McDowell’s 2014 income statement.

2. The following amounts are taken from White Wholesalers’ records. (All amounts are for 2014.)

Required

Prepare the Cost of Goods Sold section of White’s 2014 income statement.