Nova Corp. sold inventory for $9,000. The cost of the inventory was $6,400. The sale had terms of 1/10, n/30, FOB destination. Nova paid $300 in freight. The customer paid within the discount period. What is the gross margin? a. $2,700 b. $2,506 c. $2,400 d. $2,510

Nova Corp. sold inventory for $9,000. The cost of the inventory was $6,400. The sale had terms of 1/10, n/30, FOB destination. Nova paid $300 in freight. The customer paid within the discount period. What is the gross margin? a. $2,700 b. $2,506 c. $2,400 d. $2,510

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Question

Please provide the answer to this financial accounting question with proper steps.

Nova Corp. sold inventory for $9,000. The
cost of the inventory was $6,400. The sale
had terms of 1/10, n/30, FOB destination.
Nova paid $300 in freight. The customer paid
within the discount period. What is the gross
margin?
a. $2,700
b. $2,506
c. $2,400
d. $2,510

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can you please solve this
Calculate the gross margin.
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