Calculate the amount of gross profit on these financial accounting Elite Electronics uses the perpetual inventory system. On June 10,the company sold merchandise for $75,000 to a customer onaccount with terms 3/10, n/45. The cost of goods sold (COGS) was$30,000. The customer paid on June 18.Calculate the amount of gross profit.

Step 1: Definition of Gross ProfitGross profit is the financial metric that represents the…

Answered: Elite Electronics uses the perpetual…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Elite Electronics uses the perpetual inventory system. On June 10, the company sold merchandise for $75,000 to a customer on account with terms 3/10, n/45. The cost of goods sold (COGS) was $30,000. The customer paid on June 18. Calculate the amount of gross profit.