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Ballard Company uses the perpetual inventory system. The company purchased $9,400 of merchandise from Andes Company under the terms 4/10, net/30. Ballard paid for the
Ballard Company uses the perpetual inventory system. The company purchased $9,400 of merchandise from Andes Company under the terms 4/10, net/30. Ballard paid for the merchandise within 10 days and also paid $390 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $17,800 cash. The amount of gross margin for this merchandise is:
Multiple Choice
- $8,400.
- $8,010.
- $9,400.
- $8,386.
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