On November 1,2019,Alpha Omega,Inc.sold merchandise for $16,000,FOB destination,with payment terms,n/30.The cost of goods sold was $5,280.On November 3,the customer returns on this sale amounted to $6,400.The company received the balance on November 9,2019.Calculate the gross profit from these transactions.

Question

Quizplus · Accepted Answer

B) On the November 1 sale, the cost of goods sold is 33% of the selling price ($5,280/$16,000)
Cost of goods sold = $5,280- ($6,400 × 33%)
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