Ingrid's Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company's gross profit rate is 40%, Ingrid's will report monthly net sales revenue and cost of goods sold of

Flynn Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net amount of the goods purchased if Flynn Company pays within the discount period?

Harrison Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 60% gross profit rate. During June, net sales amounted to $80,000; the beginning inventory on June 1 was $36,000, and the cost of goods purchased during June amounted to $22,000. The estimated cost of Harrison Company's inventory on June 30 is:

If a retailer buys goods costing P2,000 and later sells it at 25% mark up, the selling price is

Goods have an invoice price of P125,000 and the seller had a gross profit rate of 25% of the cost, what is the cost of sales?