pt 1: During the current year, merchandise is sold for $201,200 cash and $470,400 on account. The cost of the goods sold is $429,800. What is the amount of the gross profit? $ fill in the blank 1

pt. 2

Rolfes Company purchased merchandise on account from a supplier for $12,800, terms 2/10, n/30. Rolfes returned $1,900 of the merchandise and received full credit.

a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $fill in the blank 1

b. What account is debited by Rolfes Company to record the return?

pt. 3

Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.

	Merchandise		Freight Paid by Seller		Freight Terms		Returns and Allowances
a.	$7,900		$200			FOB destination, 1/10, n/30	$1,400
b.	2,500		300			FOB shipping point, 2/10, n/30	900

a.	$fill in the blank 1
b.	$fill in the blank 2