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What the amount of gross margin from the four transactions

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Reference no: EM132703242

Assume the perpetual inventory method is used.

1) The company purchased $12,500 of merchandise on account under terms 3/10, n/30.
2) The company returned $2,000 of merchandise to the supplier before payment was made.
3) The liability was paid within the discount period.
4) All of the merchandise purchased was sold for $19,000 cash.

Problem 1: What the amount of gross margin from the four transactions is

Reference no: EM132703242

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