Question
Assume the perpetual inventory method is used. 1) The company purchased $13,100 of merchandise on account under terms 4/10, n/30. 2) The company returned $2,600
Assume the perpetual inventory method is used.
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1) The company purchased $13,100 of merchandise on account under terms 4/10, n/30.
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2) The company returned $2,600 of merchandise to the supplier before payment was made.
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3) The liability was paid within the discount period.
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4) All of the merchandise purchased was sold for $20,200 cash.
The amount of gross margin from the four transactions is:
Assume the perpetual inventory method is used. 1) The company purchased $13,100 of merchandise on account under terms 4/10, n/30. 2) The company returned $2,600 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 $20,200 cash. The amount of gross margin from the four transactions is: Multiple Choice $10,224. O O $10,120. O $7,100. O $6,816Step by Step Solution
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Public Sector Accounting
Authors: Rowan Jones, Maurice Pendlebury
6th Edition
0273720368, 9780273720362
