During the current year, merchandise is sold for $760000. The Gross Profit is $303000. What is the amount of the Cost of Merchandise Sold?

3) For the fiscal year, sales were $8210000, sales discounts were $130000, sales returns and allowances were $50000, and the cost of merchandise sold was $4270000. What was the amount of gross profit?


5.) Piedmont Company purchased merchandise on account from a supplier for $26000, terms 1/10, n/30. Piedmont Company returned $7000 of the merchandise and received full credit .If Piedmont Company pays the invoice within the discount period, what is the amount of cash required for the payment?

6) Determine the amount to be paid in full settlement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight paid by seller Freight terms Returns and Allowances 89000 7000 FOB shipping point, 2/10,Net30 25000

7) Determine the amount to be paid in full settlement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.Merchandise Freight paid by seller Freight terms Returns and Allowances 81000 8000 FOB destination, 2/10,Net 30 13000

Answer rating: 100% (QA)

3 The Gross Profit is calculated as the difference between Net Sales and Cost of Goods Sold COGS The... View the full answer