Assume the perpetual inventory method is used. 1) The company purchased...
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Accounting
Assume the perpetual inventory method is used.
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1) The company purchased $12,900 of merchandise on account under terms 3/10, n/30.
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2) The company returned $2,400 of merchandise to the supplier before payment was made.
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3) The liability was paid within the discount period.
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4) All of the merchandise purchased was sold for $19,800 cash.
The amount of gross margin from the four transactions is:
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