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Arnold Lumber Company uses the perpetual inventory system. The company purchased $8,800 of merchandise from...

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Accounting

Arnold Lumber Company uses the perpetual inventory system. The company purchased $8,800 of merchandise from Ty's Timber Company under the terms 2/10, net/30. Arnold paid for the merchandise within 10 days and also paid $330 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $16,600 cash. What is the amount of gross margin that resulted from these business events? Multiple Choice $8,800 $7,470 $7,800 $7,646 A
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Arnold Lumber Company usos the perpetual inventory system. The company purchased $8,800 of merchandise from Ty's Timber Company under the terms 2/10, net/30. Arnold paid for the merchandise within 10 days and aiso paid $330 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchosed was soid for $16,600 cash. What is the amount of gross margin that resulted from these business events? Multiple Choice $8.800 57470 $7,000 $7,646

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