Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. michelin jewelers uses the perpetual inventory sys

Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold merchandise for $50,000...

90.2K

Verified Solution

Question

Accounting

Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold merchandise for $50,000 to a customer on account with terms of 2/15, n/30. The allowance and returns on this sale amounted to $2,000 and $8,000, respectively. The cost of goods sold was $22,000. On April 20, Michelin received payment from the customer. Calculate the amount of gross profit.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In 1997 a woman sued a computer keyboard manufacturer, charging that her repetitive stress injuries were...

Basic Math
Q

You are a genetic counselor. As a genetic counselor, you know: -Dry (as opposed to wet) earwax...

Biology
Q

You are choosing between two projects. The cash flows for the projects are given in the...

Finance
Q

13. ORDER: Diphenhydramine 25mg PO BID X 60d How many tabs will be dispensed? _____ How...

Medical Sciences
Q

A 101 1 10 101 101 110 110 b 2 2 4 12 5 2...

Geometry
Q

Find the quotient and remainder if any a 10x 20x 8x 16 2x 4 The...

Algebra
Q

Goodwill Measurement a. First step: compare FV of RU to CV of RU:...

Accounting
Q

On July 2 of the current year, Farb purchased and placed into service an apartment...

Accounting
Q

question 4 has me stumped. Problem 10-1A Straight-Line: Amortization of bond discount...

Accounting
Q

Differential Analysis for Machine Replacement Kim Kwon Digital Components Company assembles circuit boards by using...

Accounting
Q

Cops are Tops is a private security firm that provides consulting and marketing services for...

Finance
Q

show steps Toyota's Pass. Through. Assume that the export price of...

Finance