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Can you please calculate the gross profit and show the calculation steps. Thank you! Carla Vista Company commenced operations on July 1. Carla Vista Company
Can you please calculate the gross profit and show the calculation steps. Thank you!
Carla Vista Company commenced operations on July 1. Carla Vista Company uses a periodic inventory system. During July, Carla Vista Company was involved in the following transactions and events: July 2 Purchased $14,300 of merchandise from Suppliers Inc. on account, terms 2/10,n/30, FOB shipping point. 3 Returned \$1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. 4 Paid $570 of freight costs on July 2 shipment. 8 Sold merchandise for $2,900 cash. 11 Paid Suppliers Inc. the full amount owing. 15 Sold merchandise for $7,000 on account, 1/10,n/30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15. 31 Carla Vista did a physical count and determined there was $10,500 of inventory on handStep by Step Solution
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