Barney Company uses the perpetual inventory system. The company purchased $4,000 of merchandise from Bittiker Company under
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Barney Company uses the perpetual inventory system. The company purchased $4,000 of merchandise from Bittiker Company under the terms n/30. Barney also paid $150 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $9,000 cash. The amount of gross margin for this merchandise is:
1) $3,850
2) $4,000
3) $4,070
4) $4,850
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