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Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companies use a perpetual inventory system December 3 - Vogel
Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companies use a perpetual inventory system December 3 - Vogel Corporation sold inventory on account to Hatcher Corp, for $482.000, terms 3/10, 1/30. This inventory originally cost Vogel $302.000, December 8 - Hatcher Corp, returned inventory to Vogel Corporation for a credit of $4.900 Vogel returned this inventory to inventory at its original cost of $3,070, December 12 - Hatcher Corp, pald Vogel Corporation for the amount owed. Journal entry worksheet 1 2 3 4 5 Record the entry for sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 03 Record entry Clear entry View general journa Journal entry worksheet Record the entry for cost of inventory sold on account from inventories. Note: Enter debits before credits Date General Journal Debit Credit Dec 03 Journal entry worksheet 1 2 3 3 4 5 Record the entry for return of Inventory sold on account. Note: Enter debits before credits. Debit General Journal Date Credit Dec 08 Journal entry worksheet Record the entry for receipt of accounts receivable and related sales discount for terms 3/10, 1/30. Note: Enter debits before credits Date General Journal Debit Credit Dec 12 Required A Required B Required c What is the amount of net sales to be reported on Vogel Corporation's income statement? Net Sales Required A Required B Required C What is the Vogel Corporation's gross profit percentage? (Round your answer to the nearest whole percent (... 0.1234 should be entered as 12).) Gross profit percentage
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