On November 1,2017,Lotz Company sold merchandise for $16,000,FOB destination,with payment terms of 2/10,n/40.Customer returns on this sale amounted to $4,000.The company received payment for the balance on November 10,2017.The cost of goods sold was $3,600.Calculate the amount of gross profit from these transactions.
A) $12,400
B) $8,160
C) $8,400
D) $11,760
Correct Answer:
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