Assume the perpetual inventory method is used. 1) The company purchased...
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Accounting
Assume the perpetual inventory method is used. 1) The company purchased $13,800 of merchandise on account under terms 2/10,N/30. 2) The company returned $3,300 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $21,600 cash. The amount of gross margin from the four transactions is: Multiple Choice $11,376. $11,310. $7,800. $7,644
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