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Abbey Co. sold merchandise to Gomez Co. on account, $25,500, terms 2/15, net 45. The cost of the goods sold was $13,429. Abbey Co. issued
Abbey Co. sold merchandise to Gomez Co. on account, $25,500, terms 2/15, net 45. The cost of the goods sold was $13,429. Abbey Co. issued a credit memo for $3,100 for merchandise returned that originally cost $1,472. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? $9,995 $13,033 $11,957 $3,100
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