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What would be the gross profit percentage

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Q1) If gross profit on saleson cost44.9%23.7%41.1%76.3% is 31%, what would be the gross profit percentage?

Q2) On May 25, Denton Co. purchases 22 units of inventory for $36 each. Assume the company uses the perpetual inventory system. Record the May 25 entry for the inventory purchase.

Q3) On October 5, Lance Co. purchases 16 units of inventory for $53 each on account with terms 5/15, N/40. On October 10, the company returns 3 of the units purchased. Assume the company uses the net method for discounts and the periodic method for inventory. Record the October 10 entry for the inventory return. You may round amounts to the nearest dollar.

Reference no: EM132924918

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