Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 17 Jan 2018 My Price 9.00

hardware store.

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  
b.

Received merchandise returned by customers as unsatisfactory (but in perfect condition),
for cash refund (original cost of merchandise $2,300).

   3,600  
c. Sold merchandise (costing $3,960) to a customer, on account with terms 2/10, n/30.   6,600  
d. Collected half of the balance owed by the customer in (c) within the discount period.   3,234  
e. Granted an allowance to the customer in (c).   1,150  
 
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.)
    

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Jan 2018 08:01 PM My Price 9.00

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