Suppose Wholesale Hardware sells merchandise on account, terms 2/10, n/20, for $ 800 (the cost of the inventory is $ 400) on October 17, 2018. Wholesale Hardware later received $ 200 of goods (cost, $ 100) as sales returns on October 21, 2018. The customer paid the balance due on October 26, 2018. Assume the "net" method is used. 1. Calculate sales revenue for October 2018. 2. Calculate gross profit for October 2018.

Suppose Wholesale Hardware sells merchandise on account, terms 2/10, n/20, for $800 (the cost of the inventory is $400) on October 17, 2018. Wholesale Hardware later received $200 of goods (cost, $100) as sales returns on October 21, 2018. The customer paid the balance due on October 26, 2018. Assume the "net" method is used. 1. Calculate sales revenue for October 2018. 2. Calculate gross profit for October 2018. 1. Calculate sales revenue for October 2018. (Round all calculations to the nearest cent, X.XX.) Sales revenue for October 2018 480 2. Calculate gross profit for October 2018. (Round all calculations to the nearest cent, X.XX.) Gross profit for October 2018 300