Smith company sold inventory that cost $5000 for $9000 cash. Freight cost was $600 paid in cash.The Freight term was FOB destination. Based on this information, what would the net income/ gross margin be?
Smith company sold inventory that cost $5000 for $9000 cash. Freight cost was $600 paid in cash.The Freight term was FOB destination. Based on this information, what would the net income/ gross margin be?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Smith company sold inventory that cost $5000 for $9000 cash. Freight cost was $600 paid in cash.The Freight term was FOB destination. Based on this information, what would the net income/ gross margin be?
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