#1. Amount Paid Discount la Buyer Purchases Merchandise $12,000 $4,500 $5,000 $5,000 $1,500 Freight Paid by Seller Discount for Buyer Terms n/a FOB Dest, n/30 $200 FOB/Ship pt/1/10,n30 FOB dest, 2/10,n/30 n/a FOB ship pt, 1/10,n/30 $50 FOB ship pt, 2/10, n/30 Returns & Allowances $1,500 $500 n/a $1,000 $700 b d e #2 During the current year, merchandise is sold for $250,000 cash and for $975,000 on account. The cost of the merchandise sold is $735,000 What is the Gross Profit? #3 Determine the Cost of merchandise sold: In 2003, Jls reported net sales of $20,946 million. Its gross profit was $5,236 million What is the amount of JJs cost of merchandise sold(COMS). 4 Determine Gross Profit: The following data were extracted from the accounting records of JJs for the year end April 30, 2006: Merchandise inventory May 1, 2005 $121,200 Merchandise inventory April 30, 2006 142,000 Freight 11,300 Purchase Discounts 21,000 Purchases 985,000 Purchase Returns and Allowances 23,500 Sales $1,420,000 Prepare a schedule including descriptions and amounts like those found in the multi-step income statement to calculate Gross Profit