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value 0.25 points M6-8 Reporting Net Sales and Gross Profit with Sales Discounts [LO 6-4] Merchandise costing $2,900 is sold for $3,900 on terms 1/10,

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value 0.25 points M6-8 Reporting Net Sales and Gross Profit with Sales Discounts [LO 6-4] Merchandise costing $2,900 is sold for $3,900 on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit References eBook & Resources Worksheet Difficulty: 2 Medium M6-8 Reporting Net Leaming Objective: 06-04 Sales and Gross Profit Analyze sales transactions with Sales Discounts under a perpetual inventory [LO 6-4] system

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