A company sells items on-line and on account:
On March 2, the company sold 1000 units for a price of $50 each.
The units had been purchased for $23 each.
On March 18, the company sold 2000 more units for a price of $45 each.
The units had been purchased for $23 each.
On March 31, 300 units remained in transit.
3a. Prepare all the journal entries and calculate gross profit assuming that
the sales were made based on FOB shipping point.
Also calculate Gross profit for March.
3b. Prepare all the journal entries and calculate gross profit assuming that
the sales were made based on FOB destination.