PLEASE ANSWER EVERY SINGLE QUESTION. DO NOT BOTHER ON JUST ANSWERING ONE!!!!

1. During the current year, merchandise is sold

for $854000. The cost of the merchandise sold

is $540000. What is the amount of the gross

profit?

2. During the current year, merchandise is sold

for $852000. The Gross Profit is $476000. What

is the amount of the Cost of Merchandise Sold?

3. For the fiscal year, sales were $7580000, sales discounts were $140000, sales returns and

allowances were $30000, and the cost of

merchandise sold was $4220000. What was the

amount of gross profit?

5. Piedmont Company purchased merchandise

on account from a supplier for $48000, terms

2/10, n/30. Piedmont Company returned $10000

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

141000 4000 FOB shipping point, 1/10,Net30

28000.

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

133000 8000 FOB destination, 1/10, Net 30 12000.