1. Determining Cost of Goods Sold

For a recent year, TechMart reported sales of $39,680 million. Its gross profit was $9,920 million.

What was the amount of TechMart's cost of goods sold? (Enter answer in millions.) $ million

2. During the current year, merchandise is sold for $106,500 cash and $562,500 on account. The cost of the goods sold is $414,800. What is the amount of the gross profit? $

3.

Using the lower of cost or market, what should the total inventory value be for the following items:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit	Total Cost Price	Total Market Price	Lower of Cost or Market
A	188	$10	$14	$1,880	$2,632	$
B	102	$18	$14	$1,836	$1,428	$
C	57	$23	$25	$1,311	$1,425	$
						$

4.

Freight Terms

Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.

	Merchandise (Invoice Amount)		Freight Paid by Seller		Freight Terms		Returns and Allowances (Invoice Amount)
a.	$8,400		$700			FOB destination, 1/10, n/30	$1,400
b.	2,550		500			FOB shipping point, 2/10, n/30	950

a.	$
b.	$