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On March 1 , Lindsay Co . sold inventory on account for $ 7 1 0 with 2 1 0 , n 3 0

On March 1, Lindsay Co. sold inventory on account for $710 with "210,n30" terms of
sale. Lindsay Co. uses the perpetual approach to account for inventory. The cost of the
inventory sold was $355. This is a mark-up on cost of 100%( $355 cost plus 100% of $355
cost equals $710 selling price). On March 7, goods with a sales price of $10 were returned to
Lindsay by a buyer since they were the wrong color. Buyers paid Lindsay Co. the full
remaining amount owed on March 9. What was the gross profit on the inventory sales?
a. $335.80
b. $350.00
c. $336.00
d. $331.00
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