Merchandise costing $1,800 is sold for $2,800 on terms 2/30, n/60. If the customer pays within the discount period,...

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Question

Merchandise costing $1,800 is sold for $2,800 on terms 2/30, n/60. If the customer pays within the discount period, what amou

Answer 1

Answer #1

CALCULATION OF NET SALES AND GROSS PROFIT

PARTICULARS	AMOUNT
Sales Value =	$ 2,800
Discount 2% because paid within discounted time	$ 56
	($ 2,800 X 2%)
Net Sales Value	$ 2,744

Less: Cost of Goods Sold	$ 1,800

Gross Profit	$ 944


Answers:
Net Sales	$ 2,744
Gross Profit	$ 944

Answer 2

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