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Quality Jewelers uses the perpetual inventory system. On April 2, Quality sold merchandise for $70,000 to a customer on account with terms of 3/15, n/30.
Quality Jewelers uses the perpetual inventory system. On April 2, Quality sold merchandise for $70,000 to a customer on account with terms of 3/15, n/30. The allowances and returns on this sale amounted to $3,000 and $9,000, respectively. The cost of goods sold was $21,000. On April 20, Quality received payment from the customer. Calculate the amount of gross profit O A. $37,000 d O B. $21,000 O C. $34,900 OD. $58,000
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