Assume Anderson's General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,600. If Anderson's paid National Trucking $710 cash for transportation, immediately returned goods to American Wholesaling costing $1,200, and then paid American Wholesaling within the 2/30, n/60 purchase discount period. How much did this inventory cost Anderson's? Assume Anderson's uses a perpetual inventory system. Inventory Cost Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $3,000; Cost of Goods Sold, $24,800; Income Tax Expense, $3,600; Interest Expense, $2,200; Interest Revenue, $260; General Expenses, $3,200, Net Sales, $40,000; and Delivery (freight-out) Expense, $360. Required: 1. Calculate the gross profit percentage. Numerator Denominator Gross Profit Percentage 2. How has Sellall performed, relative to the 24.5 percent gross profit percentage reported for Walmart in 2019? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Sellall Department Stores earned a higher gross profit percentage than Walmart. Walmart earned a higher gross profit percentage than Sellall Department Stores Sellall includes more mark-up in the prices it charges customers than Walmart. Walmart includes more mark-up in prices it charges customers than Sellall. Walmart is more successful than Sellall. Sellall is more successful than Walmart Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $3,100; Cost of Goods Sold, $26,460; Income Tax Expense, $3,420; Interest Expense, $1,700; Interest Revenue, $220; General Expenses, $3,300; Net Sales, $44,345; and Delivery (freight-out) Expense, $370. Prepare a multistep income statement for distribution to external financial statement users. SELLALL DEPARTMENT STORES Income Statement