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Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold is $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?

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jepessoa

Answer:

$7,972

Explanation:

total invoice = $35,000

- returned merchandise = $3,600

net sales = $35,000 - $3,600 = $31,400

- sales discount =  $628

net amount received = $30,772

cost of goods sold = $24,500

- COGS of returned goods = $1,700

net cost of goods sold = $22,800

gross profit earned by Abbey Co. = net amount received - net COGS = $30,772 - $22,800 = $7,972

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