Calculate the amount of gross profit GOT Jewelersuses the perpetualinventory system. On April 5, GOT soldmerchandise for $110,000 to a customer onaccount with terms 3/10, n/30. The cost ofgoods sold (COGS) was $42,000. On April14, GOT received payment from thecustomer.Calculate the amount of gross profit.

Explanation of Perpetual Inventory System: The perpetual inventory system is an accounting method…

Answered: GOT Jewelers uses the perpetual…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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GOT Jewelers uses the perpetual inventory system. On April 5, GOT sold merchandise for $110,000 to a customer on account with terms 3/10, n/30. The cost of goods sold (COGS) was $42,000. On April 14, GOT received payment from the customer. Calculate the amount of gross profit.