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Harton company uses the perpetual inventory system. the company purchased $12,000 of merchandise from banks company under the terms 2/10, net/30. barton paid for the
Harton company uses the perpetual inventory system. the company purchased $12,000 of merchandise from banks company under the terms 2/10, net/30. barton paid for the merchandise within 10 days and also paid $495 freight to obtain the goods under terms fob shipping point. all of the merchandise purchased was sold for $15,000 cash. the amount of gross margin for this merchandise is:
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