Class Lab Book Chapter 4 Homework Cash... d. Sales discounts. Accounts receivable. 695.80 14.20 710.00 Tois covered in 43 Report a problem 3. On March 1, Lindsay Co. sold inventory on account for $710 with "2/10,n/30" terms of sale. Lindsay Co. uses the perpetual approach to account for inventory. The cost of the inventory sold was $355. This is a mark-up on cost of 100% ($355 cost plus 100% of $355 cost equals $710 selling price). On March 7, goods with a sales price of $10 were returned to Lindsay by a buyer since they were the wrong color. Buyers paid Lindsay Co. the full remaining amount owed on March 9. What was the gross profit on the inventory sales? a. $336.00 b. $350.00 c. $331.00 d. $335.80 Zdib 4. On March 1, Davis Co. purchased inventory on account for $710 with "2/10,n/30" terms of sale. Davis Co. uses the perpetual approach to account for inventory. On March 7, goods with a cost of $10 were returned to the seller by Davis Co. since they were the wrong color Page 92 id the seller the full remaining amount due on March 30. If Davis Back to to+ the net price, what was the entry to record the payment made on Raru Ju m 80 % 4 5 6 & 47 Dil DO 4 " " 19 E R T Y U D C LL F > ( Y 8 9 0 G H J K B N M L " P H command C