What amount would Whispering report as gross profit in the September income statement? On...
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What amount would Whispering report as gross profit in the September income statement?
On September 1, Whispering Office Supply had an inventory of 31 calculators at a cost of $ 24 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 71 calculators at $ 26 each from Danny Co. for cash. Paid freight of $ 71 on calculators purchased from Danny Co. 9 10 Returned 3 calculators to Danny Co.for $ 81 credit (including freight) because they did not meet specifications. Sold 34 calculators (31 costing $ 24, and 3 costing $ 27 including freight) for $ 34 each to Great Big Book Store, terms n/31. 12 14 Granted credit of $ 34 to Great Big Book Store for the return of one calculator that was not ordered. 20 Sold 41 calculators costing $ 27 for $ 34 each to Bush's Card Shop, terms n/31
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