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M6-8 Reporting Net Sales and Gross Profit with Sales Discounts [LO 6-4] Merchandise costing $2,500 is sold for $3,500 on terms 1/10, n/30. If the

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M6-8 Reporting Net Sales and Gross Profit with Sales Discounts [LO 6-4] Merchandise costing $2,500 is sold for $3,500 on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit

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