Question 4 (20 marks) Two different companies, Goodman Corporation and Bing Lee Limited, entered into...
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Question 4 (20 marks) Two different companies, Goodman Corporation and Bing Lee Limited, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. A. December 3- Goodman Corporation sold inventory on account to Bing Lee Limited for $480,000, terms 2/10, n/30. This inventory originally cost Goodman Corporation $320,000. B. December 8 -Bing Lee Limited returned inventory to Goodman Corporation for a credit of $30,000. Goodman Corporation returned this inventory to inventory account at its original cost of $20,000. C. December 12-Bing Lee Limited paid Goodman Corporation for the amount owed. Required: Part a. Prepare the jourmal entries to record these transactions on the books of Goodman Corporation. (11 marks) Part b. What is the amount of net sales to be reported on Goodman Corporation's income statement? Please write down the calculate process and formula clearly (4 marks) Part c. What is the Goodman Corporation's gross profit percentage? Please write down the calculate process and formula clearly
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