Question: Can you explain step by step on how to solve this During its first month of operations, Perfect Pets purchased 5, 900 bags of dog
Can you explain step by step on how to solve this During its first month of operations, Perfect Pets purchased 5, 900 bags of dog food at a cost of $6 a bag and sold all 5, 900 bags of dog food on account with payment terms of $ 2/10, net 30 for $11 each. A total of 2, 700 of these bags were sold to customers who paid within the discount period: the other customers paid after the discount period had ended. Sales allowances totaling $220 were granted to customers whose dogs did not like the dog food. Required: a. Calculate the gross profit for the month. b. Calculate the gross profit percentage for the month. ((i. e., 0.1234 should be entered as 12.3)
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