Determining Cost of Merchandise Sold For a recent year, TechMart reported sales of $35,588 million. Its gross profit was $8,185 million. What was the amount of TechMart's cost of merchandise sold? (Enter answer in millions.) million Sales Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: Joly 1. Sold merchandise on account to Landscapes Co., 516,100, terms TOB shipping point, /eom. The cost of merchandise sold was $9,700. 2. Sold merchandise for $25,100 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $16,300. 5. Sold merchandise on account to Peacock Company, $38,100, terms FOB destination, 1/10, 1/30. The cost of merchandise sold was $24,800. & Sold merchandise for $10,900 plus 7% sales tix to retail customers who used VISA cards. The cost of merchandise sold was $6,500 13. Sold merchandise to customers who used MasterCard cards, $6,000. The cost of merchandise sold was $3,800. 14. Sold merchandise on account to Loeb Co. $13,000, terms FOB shipping point, 1/10, 30. The cost of merchandise sold was 57,700 15. Received check for amour due from Peacock Company for sale on July 5 16. Issued credit memo for $1,980 to Loeb Co. for damaged merchandise from sale on July 14. Lobo, kept the merchandise 15. Sold merchandise on account to Senrungs Company, 55,600, terms FOB shipping point, 2/10, 30Pad 5340 for freight and added it to the weat The cost of merchandise sold was $3.500 24. Recewed check for amount due from Loeb Co. for sale on July 14 le credit me 16 21. ceived check for amount doe from Jennings Company for sale of MIR Sad Demo che si Next COLTTUUT 31. Paid Black Lab Delivery Service $2,210 for delivery of merchandise in July to customers under shipping terms ofron destination 33. Received check for amount due from Landscapes Co. for sale of July 1 Aug, 3. Pald Hays Federal Bank 5000 for service fees for handling MasterCard and VISA cales during July 10. Paid $2,010 to state sales tax division for taxes owed on we required Journake the entries to record the transactions of Green Lawn supplies Co. If an amount box does not require an entry, verbank Date Account Credit July I swe De Credit Date Account ruly l-cost Credit Date Prev Date Account Debit Credit July 2-cost Date Account Debit Credit July 5 sale Account Debit Date Credit July 5-cost Debit Credit Date Account July 8-sale Debit Credit Date ACCOUNT Date Account Debit Credit July 8-cost ETAL... Date Account Debit Credit July 13-sale Date Account Debit Credit July 13-cost Dent Account Date Credit July 14 sale Date Account Debit July 14-cost pre Date Account Debit Credit July 15 SHEETAL... Date Account Dahat Credit July 16 Date Account Det
