The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. ...
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Accounting
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.
| Dec. | 3 | Sheffield Ltd. sold goods to Bramble Corp. for $57,000, terms n/15, FOB shipping point. The inventory had cost Sheffield $30,200. Sheffields management expected a return rate of 3% based on prior experience. | ||||
| 7 | Shipping costs of $760 were paid by the appropriate company. | |||||
| 8 | Bramble returned unwanted merchandise to Sheffield. The returned merchandise has a sales price of $1,760, and a cost of $960. It was restored to inventory. | |||||
| Sheffield received the balance due from Bramble.
Calculate the gross profit earned by Sheffield on the above transactions.
|
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