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What amount of gross profit should shanda lear lighting

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On July 1, Shanda Lear's Lighting Store has 550 lamps in its inventory, which cost $110 per lamp to purchase. It purchases no other lamps during July. It reports only the following trans- actions for the month:

July 3: sells 200 lamps to Noah Lott at $325 per lamp, with terms 2/10, net 30

July 10: Noah Lott is granted an allowance for 2 lamps which are damaged beyond re- pair

July 13: sells 180 lamps to Bill Loney at $340 per lamp, with terms 3/10, net 20

July 16: Noah Lott pays the correct balance he owes

July 21: Bill Loney returns 10 lamps, which Shanda Lear's Lighting Store accepts July 22: Bill Loney pays the correct balance he owes

Assuming the journal entries for each of these transactions were properly recorded:

Problem 1: What amount of gross profit should Shanda Lear's Lighting Store report for the month ending July 31?

Problem 2: How much cash did Shanda Lear's Lighting Store receive, in total, from its customers?

Reference no: EM132828518

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