On November 1,2019,Alpha Omega,Inc.sold merchandise for $18,000,FOB destination,with payment terms,n/30.The cost of goods sold was $5,580.On November 3,the customer returns on this sale amounted to $7,200.The company received the balance on November 9,2019.Calculate the gross profit from these transactions.

Question

Quizplus · Accepted Answer

On the November 1 sale,the cost of goods sold is 31% of the selling price ($5,580/$18,000)
 11ea8a75_4234_bafc_a2a1_d7bd7d3823a0_TB6701_00 or
 11ea8a75_4234_e20d_a2a1_c52d53169903_TB6701_00 11ea8a75_4234_e20e_a2a1_6314173d716d_TB6701_00