Using the information in SE5-12B, calculate the gross profit from the sale and the gross profit ratio. Assume the customer does not pay within the discount period.

In SE5-12B, Sam’s Supply, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:

In February, Sam’s sold $320,000 of merchandise on account with terms 3/10, n/30. The cost of the merchandise sold was $100,000.