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Abbey Co. sold merchandise to Gomez Co. on account, $10,800, terms n/45. The cost of the goods sold was $7,560. Abbey Co. issued a credit
Abbey Co. sold merchandise to Gomez Co. on account, $10,800, terms n/45. The cost of the goods sold was $7,560. Abbey Co. issued a credit memo to Gomez Co. for $2,500 for merchandise returned that originally cost $1,800. Gomez Co. paid the invoice within the credit period. What amount of gross profit is earned by Abbey Co. on these transactions? fill in the blank 1 of 1$
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