Question
During the months of January, Pearson Corporation sold goods to customers. Assume Pearson uses a perpetual inventory system.. The sequence of events was as follows:
During the months of January, Pearson Corporation sold goods to customers. Assume Pearson uses a perpetual inventory system.. The sequence of events was as follows:
| Date | Transaction |
| Jan.6 | Sold goods for $1,040 to Kate Inc. with terms 2/15, n/30. The goods cost Pearson $584. |
| Jan 10 | Sold goods to Randall Corp for $1,530 with terms 2/15, n/30. The goods cost Pearson $741. |
| Jan 19 | Collected cash due from Randall Inc. |
What is the gross profit from these transactions?
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
978-0078025587
