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  3. calculate the gross profit earned by pina colada f

calculate the gross profit earned by pina colada from above transcations ...

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Accounting

calculate the gross profit earned by pina colada from above transcations
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The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pina Colada Ltd, sold goods to Flint Corp. for $62,200, terms n/15, FOB shipping point. The inventory had cost Pina Colada $33,000. Pina Colada's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $840 were paid by the appropriate company. 8 Flint returned unwanted merchandise to Pina Colada. The returned merchandise has a sales price of $1,920, and a cost of \$1,040. It was restored to inventory. 11 Pina Colada received the balance due from Flint

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