Solution-Calculate the amount of gross profit

Calculate the amount of gross profit

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Question: High Quality Jewelers uses the perpetual inventory system. On March? 3, High Quality sold merchandise for $55,000 to a customer on account with terms 3?/15, ?n/30. The cost of goods sold was $22,000. On March? 18, High Quality received payment from the customer. Calculate the amount of gross profit.

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Calculate the amount of gross profit : High Quality Jewelers uses the perpetual inventory system. On March? 3, High Quality sold merchandise for $55,000 to a customer on account with terms.

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Calculate the amount of gross profit

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