On April 16,2012,Tuxedo Company purchased $75,000 of merchandise inventory.Terms of the purchase included a discount of 3/10,n/30.Also,the freight terms were FOB destination.Freight costs amounted to $2,300.Tuxedo Company paid the account payable on April 24.Tuxedo Company sold all inventory for $93,750.
Required:
Determine the amount of gross margin Tuxedo Company would report on the income statement.

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The Answer of On April 16,2012,Tuxedo Company purchased $75,000 of merchandise inventory.Terms of the purchase included a discount of 3/10,n/30.Also,the freight terms were FOB destination.Freight costs amounted to $2,300.Tuxedo Company paid the account payable on April 24.Tuxedo Company sold all inventory for $93,750.
Required:
Determine the amount of gross margin Tuxedo Company would report on the income statement.

On April 16,2012,Tuxedo Company Purchased $75,000 of Merchandise Inventory