TB Problem $6-195($Algo$)$ Two different companies,...

Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December. Both companies use a perpetual inventory system using the gross method of recording sales discounts.

December $3-$ Vogel Corporation sold inventory on account to Hatcher Corporation for $$495,000,$ terms $\frac{1}{10},\frac{n}{30}.$ This inventory originally cost Vogel $$308,000.$

December $8-$ Hatcher Corporation returned inventory to Vogel Corporation for a credit of $$4,100.$ Vogel returned this inventory to inventory at its original cost of $$2,551.$

December $12-$ Hatcher Corporation paid Vogel Corporation for the amount owed.

Required:

a$.$ Prepare the journal entries to record these transactions on the books of Vogel Corporation.

b$.$ What is the amount of net sales to be reported on Vogel Corporation's income statement?

c$.$ What is the Vogel Corporation's gross profit percentage?

Complete this question by entering your answers in the tabs below.

Prepare the journal entries to record these transactions on the books of Vogel Corporation. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Record the entry for sale of inventory on account.

Record the entry for cost of inventory sold on account.

Record the entry for return of inventory sold on account.

Record the entry for the cost of inventory returned.

Record the entry for the receipt of payment on account.

Required B

What is the amount of net sales to be reported on vogel corporations income statement?

Net Sales

Required C

What is the Vogel Corporations gross profit percentage?

Gross Profit Percentage