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 $492,000, terms 3/10, n/30. This inventory originally cost Vogel $312,000.
• December 8 Hatcher Corporation returned inventory to Vogel Corporation for a credit of $3,600. Vogel returned this inventory to inventory at its original cost of $2,283.
• December 12 Hatcher Corporation paid Vogel Corporation for the amount owed.

Required:

1. Prepare the journal entries to record these transactions on the books of Vogel Corporation.
2. What is the amount of net sales to be reported on Vogel Corporations income statement?
3. What is the Vogel Corporations gross profit percentage?

1 2 3 4 5 Record the entry for sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit December 03 Record the entry for cost of inventory sold on account. Note: Enter debits before credits. Date General Journal Debit Credit December 03 Record the entry for return of inventory sold on account. Note: Enter debits before credits. Date General Journal Debit Credit December 08 Record the entry for the cost of inventory returned. Note: Enter debits before credits. General Journal Debit Credit Date December 08 Record the entry for the receipt of payment on account. Note: Enter debits before credits. General Journal Debit Credit Date December 12 What is the amount of net sales to be reported on Vogel Corporation's income statement? Net Sales What is the Vogel Corporation's gross profit percentage? (Round your answer to the nearest whole percent (i.e. should be entered as 12).) Gross profit percentage