Reference no: EM132894633
Question - 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 2 Purchased $14,000 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.
July 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
July 4 Paid $500 of freight costs on July 2 shipment.
July 8 Sold merchandise for $2,000 cash.
July 11 Paid Suppliers Inc. the full amount owing.
July 15 Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point.
July 25 Received full payment for the merchandise sold on July 15.
July 31 Blossom did a physical count and determined there was $9,500 of inventory on hand.
Required - What was Blossom' gross profit for July?
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