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Assume the perpetual inventory method is used. 1) The company purchased $12,300 of merchandise on account under terms 4/10, n/30. 2) The company returned
Assume the perpetual inventory method is used. 1) The company purchased $12,300 of merchandise on account under terms 4/10, n/30. 2) The company returned $1,800 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $18,600 cash. The amount of gross margin from the four transactions is: Multiple Choice $6,300. $8,520. $6,048. $8,592.
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