Determine the gross profit

Determine the gross profit. 3. Purchase of merchandise on account with return of merchandise. a. Merchandise is purchased on account, credit terms 2/10,n/30,$3,500. b. Merchandise is returned for credit before payment is made, $500. c. Payment is made within the discount period. Determine the gross profit. 3. Purchase of merchandise on account with return of merchandise. a. Merchandise is purchased on account, credit terms 2/10,n/30,$3,500. b. Merchandise is returned for credit before payment is made, $500. c. Payment is made within the discount period