Business, 18.06.2020 00:57 cia196785920
Assume the perpetual inventory system is used.
1) Green Company purchased merchandise inventory that cost $17,700 under terms of 3/10, n/30 and FOB shipping point.
2) Green Company paid freight cost of $770 to have the merchandise delivered.
3) Payment was made to the supplier on the inventory within 10 days.
4) All of the merchandise was sold to customers for $26,900 cash and delivered under terms FOB destination with freight cost amounting to $570.
The gross margin from these transactions of Green Company is:
a. $9,260
b. $8,460
c. $9.060
Answers: 3
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Assume the perpetual inventory system is used.
1) Green Company purchased merchandise inventory tha...
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