Gross Profit During the current year, merchandise is sold for $164,600 cash and $576,200 on account. The cost of the goods sold is $570,400. What is the amount of the gross profit? Purchases Transactions Rolfes Company purchased merchandise on account from Springhill Company for $9,900, terms 2/10, n/30. Rolfes returned merchandise with an invoice amount of $1,500 and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $ b. What account is debited by Rolfes Company to record the return? Accounts Payable-Springhill Company Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $15,000 with terms 2/10, n/30. The cost of the goods sold was $9,000. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Cost of Goods Sold Inventory Feedback b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable Feedback Refunded $240 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Cash Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Returns and Allowances (Invoice Amount) Merchandise (Invoice Amount) Freight Paid by Seller Freight Terms a $6,100 $600 FOB destination, 1/10, n/30 $1,800 b. 3,800 700 FOB shipping point, 2/10, n/30 1,200 a. $ E b. $