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During its first month of operations. Purrfect Pets purchased 5,700 bags of dog food at a cost of $4 a bag and sold all
During its first month of operations. Purrfect Pets purchased 5,700 bags of dog food at a cost of $4 a bag and sold all 5,700 bags of dog food on account with payment terms of 2/10, n/30 for $10 each. A total of 2,600 of these bags were sold to customers who paid within the discount period; the other customers paid after the discount period had ended. Sales allowances totaling $200 were granted to customers whose dogs did not like the dog food. Required: a. Calculate the gross profit for the month. b. Calculate the gross profit percentage for the month. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the gross profit for the month. Gross Profit Remired A Required B >
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