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Abbey Co. sold merchandise to Gomez Co. on account, $16,800, terms n/45. The cost of the goods sold was $11,760. Abbey Co. issued a credit
Abbey Co. sold merchandise to Gomez Co. on account, $16,800, terms n/45. The cost of the goods sold was $11,760. Abbey Co. issued a credit memo to Gomez Co. for $2,300 for merchandise returned that originally cost $1,600. Gomez Co. paid the invoice within the credit period. What amount of gross profit is earned by Abbey Co. on these transactions
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