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Determining Cost of Merchandise Sold For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million. What was the amount of Best Buy's cost of merchandise sold? (Enter answer in millions.) $ 31,292 million c. Discovered that $18,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $17,640[$18,000($18,0002%)]. 17,640 17,640 d. Purchased $10,000 of merchandise from Wright Co. on account, terms n/30. 10,000 10,000 e. Received a refund from Wright Co. for return in (c) less the purchase in (d). Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. (Record the sale first.) 116,30072,000116,300 b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. (Record the sale first.) 755,000 2400,000 400,000 c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000. (Record the sale first.) 1,950,000 1,950,000 e. Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales. 81,500 81,500

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