Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transaction December. Both companies use a perpetual inventory system using the gross method of recording sales discounts. 4 December 3 - Vogel Corporation sold inventory on account to Hatcher Corporation for $492,000, terms 3/10, n/30. originally cost Vogel $300,000. December 8 - Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,500. Vogel returned to inventory at its original cost of $2,744. 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.

Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactio 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 originally cost Vogel $300,000. - December 8 - Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,500. Vogel returned to inventory at its original cost of $2,744. - 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. Prepare the joumal entries to record these transactions on the books of Vogel Corporation. (if no entry is requined for a transaction/event, select" "No Journal Entry Required" in the first account fleld.) Journal entry worksheet 5 Record the entry for cost of inventory sold on account. Note: Entar-debits belore credits. Journal entry worksheet 5 Record the entry for return of inventory sold on account. Note: Enter deblits before credits. Journal entry worksheet Record the entry for the cost of inventory returned. Note: Enter debits before credits. Journal entry worksheet 1 2 3 Record the entry for the receipt of payment on account. Note: Enter debits before crodits. Complete this question by entering your answers in the tabs below. 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. What is the Vogel Corporation's gross profit percentage? (Round your answer to the nearest whole percent: (i.fiv, 0.1234 should be entered as 12).)