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How much gross margin did nike earn on this sale

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Reference no: EM133050632

Question - NIKE uses the perpetual inventory system and sells $300,000 of sporting goods to The Bay under credit terms of 1/10, net 30 on April 10, 2020. Nike's cost of the goods is $210,000, and it receives the appropriate amount of cash from The Bay on April 20, 2020. Journalize Nike's transactions on April 10, 2020, and April 20, 2020. How much gross margin did Nike earn on this sale?

Journalize Nike's sale of the sporting goods. The journal entry for Nike's cost of goods sold will be in the next step.

Reference no: EM133050632

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