Question: Using the information in SE5 12B calculate the gross profit from

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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  • CreatedSeptember 01, 2014
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