Levels Tought:
Elementary,Middle School,High School,College,University,PHD
Teaching Since: | May 2017 |
Last Sign in: | 307 Weeks Ago, 5 Days Ago |
Questions Answered: | 66690 |
Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
LarryAc€?cs Building Supplies (LBS) is a locally owned and operated hardware store. LBS uses a perpetual inventory system.
The following transactions (summarized) have been selected from 2013: |
  | ||||
a. | Sold merchandise for cash (cost of merchandise $241,350). | $ | 530,000 | Â |
b. |
Received merchandise returned by customers as unsatisfactory (but in perfect condition), |
 | 3,600 |  |
c. | Sold merchandise (costing $3,960) to a customer, on account with terms 2/10, n/30. | Â | 6,600 | Â |
d. | Collected half of the balance owed by the customer in (c) within the discount period. | Â | 3,234 | Â |
e. | Granted an allowance to the customer in (c). | Â | 1,150 | Â |
 |
Required: |
1. | Compute Sales Revenue, Net Sales, and Gross Profit for LBS. |
 |   |
 |
2. | Compute the gross profit percentage. (Round your answer to 1 decimal place.) |
 |   |
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