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Smith Co purchased inventory for $5,000 on account with the freight terms FOB destination Smith Co, then sold the inventory to customers for $8,000 cash

Smith Co purchased inventory for $5,000 on account with the freight terms FOB destination Smith Co, then sold the inventory to customers for $8,000 cash with freight terms FOB shipping point. In both cases, the freight carrier charged $600 for shipping. Based on this information Multiple Choice gross margin would be $2.400

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