TB Problem 6-195 (Algo) Two different companies.... Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December . Both companies use a perpetual inventory system using the gross method of recording sales discounts. December 3 - Vogel Corporation soll inventory on account to Hatcher Corporation for $481.000, terms 3/10./30. This inventory originally cost Vogel $317.000 December 8 - Hatcher Corporation returned Inventory to Vogel Corporation for a credit of $4.000 Vogel returned this Inventory to inventory at its original cost of $2.636. December 12 - Hatcher Corporation paid Vogel Corporation for the amount owed Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation b. What is the amount of net sales to be reported on Vogel Corporation's Income statement? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required A Required Required Prepare the journal entries to record these transactions on the books of Vogel Corporation (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Required A Required B Required c Prepare the journal entries to record these transactions on the books of Vogel Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 December 03 Accounts Receivable Sales Revenue Debit Credit 481.000 481.000 2 December 03 317,000 Cost of Goods Sold Inventory 317,000 3 December 08 Sales Returns and Allowances 4,000 Accounts Receivable 4.000 2,636 4 December 08 Inventory Cost of Goods Sold 2,636 5 December 12 Cash Sales Discounts Prev 2 of 50 Next > . December 12 - Hatcher Corporation paid Vogel Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation b. What is the amount of net sales to be reported on Vogel Corporation's income statement? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required A Required B Required What is the amount of net sales to be reported on Vogel Corporation's income statement? Net Sales Vogel returned this inventory to inventory at its original cost of $2,636. . December 12 - Hatcher Corporation pald Vogel Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation b. What is the amount of net sales to be reported on Vogel Corporation's income statement? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required A Required B Required What is the Vogel Corporation's gross profit percentage? (Round your answer to the nearest whole percent (1.0, 0.1234 should be entered as 12).) Gross proft percentage
