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Abbey Co. sold merchandise to Gomez Co. on account, $34,400, terms 2/15, net 45. The cost of the merchandise sold was $14,400. Abbey Co. Issued
Abbey Co. sold merchandise to Gomez Co. on account, $34,400, terms 2/15, net 45. The cost of the merchandise sold was $14,400. Abbey Co. Issued a credit memo for $3,300 for merchandise returned that originally cost $1,500. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? a. $33,712 Ob. $3,300 Oc. $17,578 Od. $30,478
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