Two different companies. Vogel and Hatcher, entered into the following inventory transactions during December. Both...
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Two different companies. Vogel and Hatcher, entered into the following inventory transactions during December. Both companies use a perpetual inventory system 56 December 3 - Vogel Corporation sold Inventory on account to Hatcher Corp. for $492,000, terms 3/10, 1/30. This inventory originally cost Vogel $309,000 December 8 - Hatcher Corp, returned Inventory to Vogel Corporation for a credit of $5.000 Vogel teturned this inventory to inventory at its original cost of $3140 . December 12 - Hatcher Coppald Vogel Corporation for the amount owed Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation b. What is the amount of net sales to be reported on Vogel Corporation's income statement? c. What is the Vogel Corporation's gross profit percentage
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