Assume that Amazon sold you a product for $300 that cost $250. The companys profit...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Assume that Amazon sold you a product for $300 that cost $250. The companys profit on the transaction clearly is $50. Should Amazon recognize $300 in revenue and $250 in cost of goods sold (the gross method) or should it recognize only the $50 in gross profit (the net method) as commission revenue?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
