Using the information in SE5-12B, calculate the gross profit from the sale and the gross profit ratio.

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Using the information in SE5-12B, calculate the gross profit from the sale and the gross profit ratio. Assume the customer does not pay within the discount period.

In SE5-12B, Sam’s Supply, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:

In February, Sam’s sold $320,000 of merchandise on account with terms 3/10, n/30. The cost of the merchandise sold was $100,000.

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Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

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Question Posted: Sep 01, 2014 12:34 PM

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Using the information in SE5-12B, calculate the gross profit from the sale and the gross profit ratio.

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Sales revenue 320000 Cost o...View the full answer

Financial Accounting: A Business Process Approach

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