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