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What was blossom gross profit for july

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Reference no: EM132827819

Blossom Company commenced operations on July 1. Blossom Company uses a periodic inventory system. During July, Blossom Company was involved in the following transactions and events:

July

  1. 2 Purchased $14,000 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.
  2. 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
  3. 4 Paid $500 of freight costs on July 2 shipment.
  4. 8 Sold merchandise for $2,000 cash.
  5. 11 Paid Suppliers Inc. the full amount owing.
  6. 15 Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point.
  7. 25 Received full payment for the merchandise sold on July 15.
  8. 31 Blossom did a physical count and determined there was $9,500 of inventory on hand.

Problem 1: What was Blossom gross profit for July?

Reference no: EM132827819

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