The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 7 Pina Colada Ltd. sold goods to Flint Corp. for $62,200, terms n/15, FOB shipping point. The inventory had cost Pina Colada $33,000. Pina Colada's management expected a return rate of 3% based on prior experience. Shipping costs of $840 were paid by the appropriate company. Flint returned unwanted merchandise to Pina Colada. The returned merchandise has a sales price of $1,920, and a cost of $1,040. It was restored to inventory. Pina Colada received the balance due from Flint. 8 11 Your answer is incorrect. Calculate the gross profit earned by Pina Colada on the above transactions. Gross Profit |