I need help in these exercise.

E4-1 , E4-2 , E4-3, E4-5, E4-6

Obj. 1 E4-1 Determining gross profit During the current year, merchandise is sold for $6,400,000. The cost of the goods sold is $5,376,000 a. What is the amount of the gross profit? b. Compute the gross profit percent. c. Will the income statement necessarily report a net income? Explain. Obj. 1 E4-2 Determining cost of goods sold For a recent year, Target Corporation (TGT) reported revenue of $72,618 million. Its profit was $21,340 million. What was the amount of Target's cost of goods sold? gross Obj. 2 E4-3 Purchase-related transaction Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30. Burr Company returned $3,000 of the merchandise before payment was made and received full credit. a. If Burr Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is decreased by Burr Company to record the return? Chapter 4 Accounting for Retail Operations E4-4 Purchase-related transactions pliers. Their offers are as follows: A: $390 a unit, total of $39,000, 1/10, n/30, plus freight of $750. B: $400 a unit, total of $40,000, 2/10, n/30, no charge for freight. Which of the two offers, A or B. yields the lower price? E4-5 Purchase-related transactions on account, terms FOB destination, 2/10, 1/30. Milan Co. returned $16,000 of the merchan- Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier dise, receiving a credit memorandum, and then paid the amount due within the discount period. Illustrate the effects on the accounts and financial statements of Milan Co. to record the purchase, (b) the merchandise return, and (c) the payment. c. Cash, e. Cash E4-6 Purchase-related transactions Illustrate the effects on the accounts and financial statements of the following related trans- actions of Bowen Inc. 4. Purchased $400,000 of merchandise from Swanson Co, on account, terms 1/10, n/30 b. Paid the amount owed on the invoice within the discount period. c. Discovered that $60,000 of the merchandise was defective and returned items, receiving d. Purchased $35,000 of merchandise from Swanson Co. on account, terms 1/10, 1/30. e. Received a check from Swanson Co. for the balance owed from the return in (c), after deducting for the purchase in (d). credit