Glen company uses uses the perpetual Inventory system. The company entered  into  the following events:

 1) Purchased merchandise inventory that cost $10,000 under terms of 2/10, n/30.

2) Made payment to  the supplier within the discount period.

3) Sold all of the goods to customers on account for $22,000

Wht is Glen's cost of goods sold as a result of these three transactions?

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Olly Company is a merchandising business that sells dog food. Based on the following information, What is the gross margin for Olly company? Sales Revenue Cash Accounts Receivable Inventory Cost of goods sold Operating expenses $500,000 $100,000 $50,000 $25,000 $300,000 $40,000 Q #4) JCS Incorporated experienced the following transactions during its first year of business. The company purchased $16,000 of merchandise from Kent Company. The company paid $2,000 for selling and administrative expenses and purchased land for $5,000. All of the merchandise purchased was sold for $30,000 cash. What is the company's gross margin? Olly Company is a merchandising business that sells dog food. Based on the following information, What is the gross margin for Olly company? Sales Revenue Cash Accounts Receivable Inventory Cost of goods sold Operating expenses $500,000 $100,000 $50,000 $25,000 $300,000 $40,000 Q #4) JCS Incorporated experienced the following transactions during its first year of business. The company purchased $16,000 of merchandise from Kent Company. The company paid $2,000 for selling and administrative expenses and purchased land for $5,000. All of the merchandise purchased was sold for $30,000 cash. What is the company's gross margin?

Answer rating: 100% (QA)

Q 1 To calculate the gross margin for Olly Company we need to subtract the cost of goods sold from the sales revenue Sales Revenue 500000 Cost of Good... View the full answer