3.4 and 7

Question 7 (1 point) ABC Manufacturing has net sales of $150.000, cost of goods sold of $140.000, and operating expenses of $50,000. The gross profit margin rounded to the nearest percentage is Enter the answer as a whole number, do not include the percentage sign Your Answer Answer Question 3 (1 point) The seller is responsible for the costs of shipping its goods to the buyer when the terms of the sale are FOB Destination Shipping Point Neither of the above Question 4 (1 point) A company sells inventory for $150 on account. The inventory has a cost of $100. What would be the journal entry to record the sale, assuming the company uses the perpetual method? Debit Accounts receivable 150: credit COGS 100; credit Sales revenue 50 Debit Accounts receivable 150; credit Sales revenue 150 Debit COGS expense 100: credit Inventory 100 Debit Accounts receivable 150: credit Sales revenue 150 Debit Inventory 100: Credit Cost of goods sold 100 Debit Accounts receivable 150: credit Inventory 100; credit gain 50