Question 3 5 Points For the fiscal year, sales were $6830000, sales discounts were $120000, sales returns and allowances were $50000, and the cost of merchandise sold was $4450000. What was the amount of gross profit? Add your answer Question 7 6 Points Determine the amount to be paid in full settlement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight paid by seller Freight terms Returns and Allowances 144000 7000 FOB destination, 1/10,Net30 16000 Add your answer