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 sold inventory on account to Hatcher Corporation for $495,000, terms 2/10, 1/30. This inventory originally cost Vogel $302,000 December 8 - Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,000. Voget returned this inventory to inventory at its original cost of $2,440 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 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 Bat Journal entry worksheet Record the entry for cost of inventory sold on account. Note: Enter debits before credits. General Journal Debit Credit Date December 03 Record entry Clear entry View general Journal Journal entry worksheet Record the entry for the cost of inventory returned. Note: Enter debits before credits. General Journal Dobit Date December 08 Credit Record entry Clear entry View general Journal Journal entry worksheet Record the entry for the receipt of payment on account. Note: Enter debits before credits General Journal Date December 12 Debit Credit Record entry Clear entry View general Journal 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 sold inventory on account to Hatcher Corporation for $495,000, terms 2/10, 1/30. This invento originally cost Vogel $302,000, December 8 - Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,000. Vogel returned this inventory Inventory at its original cost of $2,440. 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 amount of net sales to be reported on Vogel Corporation's income statement? Not Sales 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 sold inventory on account to Hatcher Corporation for $495,000, terms 2/10, 1/30. This inventory originally cost Vogel $302,000, 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 $2,440. 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 Vogel Corporation's gross profit percentage? (Round your answer to the nearest whole percent (T.e., 0.1234 should be entered as 12).) Gross profit percentage
