Reference no: EM13969343
On September 20, Courtland Company purchased merchandise from Cox Supply Company for $3,650 FOB shipping point with credit terms 2/10/n/30. Culver Freight Company charged $350 to deliver the merchandise, which Cortland paid on 20 September. Courtland records freight charges directly into merchandise inventory. Courtland paid Cox for the merchandise on September 30. On October 1, Courtland Company sold merchandise in the amount of $5,800 to Carter Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Courtland uses the perpetual inventory system. On October 4, Carter returned some of the merchandise, which is returned to inventory. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. On October 31 Carter paid Courtland for merchandise purchased.
Required:
1) Prepare the journal entry or entries that Courtland will make on the following dates: September 20 and 30 and October 1, 4, and 31, assuming that payments made within the discount period will have discounts taken.
2) What are the: 1) gross margin (profit), and 2) cost of goods sold, and 3) gross margin (profit) percentage, and 4) cost of goods sold percentages on the Carter sales?
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