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Marathon company purchased merchandise inventory

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Reference no: EM131458112

Assume the perpetual inventory method is used.

1. Marathon Company purchased merchandise inventory that cost $8,000 under terms of 2/10, n/30 and FOB shipping point.

2. Marathon paid freight cost of $500 on the merchandise.

3. Marathon made payment to the supplier within the discount period.

4. All of the goods were sold to customers on account for $12,000.

The gross margin from these transactions of Marathon Company is

Reference no: EM131458112

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