Ballard Company uses the perpetual inventory system. The company purchased $8,600 of merchandise from Andes Company under the terms 2/10, net/30. Ballard paid for the merchandise within 10 days and also paid $310 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $16,200 cash. What is the amount of gross margin that resulted from these business events?

rev: 06_06_2020_QC_CS-215278

Multiple Choice

• $7,290

• $8,600

• $7,462

• $7,600