Assume the perpetual inventory method is used. 1) The company purchased $12,900 of merchandise on account under terms 3/10, n/30.
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Assume the perpetual inventory method is used.

 

  1. 1) The company purchased $12,900 of merchandise

on account under terms 3/10, n/30.

  • 2) The company returned $2,400 of merchandise to the supplier before payment was made.
  • 3) The liability was paid within the discount period.
  • 4) All of the merchandise purchased was sold for $19,800 cash.
  •  

    The amount of gross margin from the four transactions is:

    Multiple Choice

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