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5,700 Using the following information, what is the amount of gross profit? Purchases Merchandise inventory $32,000 Purchases discounts $960 Merchandise 6,370 inventory September 1 September 30 Sales returns and 910 Sales 63,000 allowances Purchases returns 1,200 Freight In 1,040 and allowances A. 34,870 B. 31,880 C. 27,460 D. 62,090

5,700 Using the following information, what is the amount of gross profit? Purchases Merchandise inventory $32,000 Purchases discounts $960 Merchandise 6,370 inventory September 1 September 30 Sales returns and 910 Sales 63,000 allowances Purchases returns 1,200 Freight In 1,040 and allowances A. 34,870 B. 31,880 C. 27,460 D. 62,090

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5,700 Using the following information, what is the amount of gross profit? Purchases Merchandise inventory $32,000 Purchases discounts $960 Merchandise 6,370 inventory September 1 September 30 Sales returns and 910 Sales 63,000 allowances Purchases returns 1,200 Freight In 1,040 and allowances A. 34,870 B. 31,880 C. 27,460 D. 62,090
Transcribed Image Text:5,700 Using the following information, what is the amount of gross profit? Purchases Merchandise inventory $32,000 Purchases discounts $960 Merchandise 6,370 inventory September 1 September 30 Sales returns and 910 Sales 63,000 allowances Purchases returns 1,200 Freight In 1,040 and allowances A. 34,870 B. 31,880 C. 27,460 D. 62,090
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