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Flashpoint Interiors reported the following transactions in November 2020: November 3: Sold merchandise on account to Suzie Maher, $1,500, terms 1/10,n/30. . November 5: Sold
Flashpoint Interiors reported the following transactions in November 2020: November 3: Sold merchandise on account to Suzie Maher, $1,500, terms 1/10,n/30. . November 5: Sold merchandise on account to Emily Barton, $2,500, terms 2/10,n30. . November 8: Bought $1,600 of merchandise inventory on account. Paid $150 for the freight fee on the inventory. November 10: Collected payment from Suzie Maher for the November 3 sale. . November 13: Emily Barton returned $500 of the merchandise bought on November 5. . November 14: Collected payment from Emily Barton for the balance of the November 5 sale. November 15: Returned $50 of inventory that was defective from the November 8 purchase, . November 26: Paid the account payable from the November 8 purchase. . November 30: Physical count indicated that Flashpoint Interiors had $250 in ending inventory. The balance in beginning inventory is $400, Assuming the company uses the periodic inventory system, calculate the following for the month ending November 30, 2020: 1. Net sales revenue: 2. Cost of goods sold: 3. Gross profit
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