On November 1,2017,Lotz,Inc.sold merchandise for $10,000,FOB destination,with payment terms of 3/10,n/40.Customer returns on this sale amounted to $5,000.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) $6,400
B) $1,300
C) $1,400
D) $4,900
Correct Answer:
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