1- During current year, merchandise is sold for $704000. The cost of the merchandise sold is \$547000, What is the amount of the gross profit?

2-During the current year, merchandise is sold for \$945000 . The Gross Profit $359000. What is the amount of the cost Merchandise Sold ?

4- For the fiscal year, sales were \$7930000 , sales discounts were \$130000 , sales returns and allowances were \$30000 , and the cost of merchandise sold was $4330000 . What was the amount of gross profit?

5- Piedmont Company purchased merchandise on account from a supplier for \$48000 , terms 2/10, n / 30 . Piedmont Company returned $10000 of the merchandise and received full credit.If Piedmont Company pays the invoice within the discount period what is the amount of cash required for the payment?

6- Determine the amount to be paid in full settlement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight paid by seller Freight terms Returns and Allowances 121000 5000 FOB shipping point 2/10,Net30 28000

7- Determine the amount to be paid in full settlement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight paid by Freight terms Returns and Allowances 2000 FOB destination1/10,