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Find the amount of gross margin from the four transactions

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Reference no: EM132701859

Question - Assume the perpetual inventory method is used.

1) The company purchased $12,500 of merchandise on account under terms 3/10, n/30.

2) The company returned $2,000 of merchandise to the supplier before payment was made.

3) The liability was paid within the discount period.

4) All of the merchandise purchased was sold for $19,000 cash.

Required - Find the amount of gross margin from the four transactions?

Reference no: EM132701859

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