Question
Merchandise Co. sold merchandise with a list price of $700,000 ($560,000 cost) to a customer; payment term 3/10, 1/20, n/30, on March 10, 2019. Discount
Merchandise Co. sold merchandise with a list price of $700,000 ($560,000 cost) to a customer; payment term 3/10, 1/20, n/30, on March 10, 2019. Discount applied only to the portion that was paid, if applicable.
On March 15, the customer returned value of $120,000 (Cost $96,000) merchandise.
On March 25, three-fourth of the remaining balance was paid.
Assume this transaction with the customer was the only sales made in March, 2019.
Answer the following questions: (Provide number with no dollar sign, no thousands separator.)
How much is the gross sales revenue?
How much is the net sales?
How much is the gross profit?
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