Multiple choice 9. Using the following information, what is the amount of gross profin?FUNDAMENTALS OF ACCOUNTINGPurchasesMerchandise inventory April 1Sales returns and allowancesPurchases returns and allowancesPurchases discounts| CHAPTER &33,5a.30,4P28,0006,500b.25,750C.34Merchandise inventory April 301,000d.P80012. Silver45. TSales7,80057,000Transportation nmem31,970b. 30,470a.880Thenet sa.25,780d. 56,250С.b.С.d.10. Using the following information, what is the amount of net sales?Purchases13. MP28,000SeMerchandise inventory April 16,5007501000

SOLUTION GROSS PROFIT = NET SALES - COST OF GOOD SOLD.

OF ACCOUNTING 9. Using the following information, what is the amount of gross profit? Purchases Merchandise inventory April 1 Sales returns and allowances Purchases returns and allowances Purchases discounts P28,000 6,500 750 1,000 P800 Merchandise inventory April 30 Sales 7,800 57,000 880 Transportation n a. 31,970 b. 30,470 25,780 С. d. 56,250

OF ACCOUNTING 9. Using the following information, what is the amount of gross profit? Purchases Merchandise inventory April 1 Sales returns and allowances Purchases returns and allowances Purchases discounts P28,000 6,500 750 1,000 P800 Merchandise inventory April 30 Sales 7,800 57,000 880 Transportation n a. 31,970 b. 30,470 25,780 С. d. 56,250

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

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