Assume the perpetual inventory method is used. 1) The company purchased $12,200 of merchandise on account under terms 2/10, n/30.2) The company returned $1,700 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 $18,400 cash. The amount of gross margin from the four transactions is:

$8,110

Explanation:

The computation of the gross margin is shown below:

As we know that

Gross margin is

= Sales - cost of goods sold

where,

Sales is $18,400

And, the cost of goods sold is

= (Purchase - returns) × (1 - discount rate)

= ($12,200 - $1,700) × (1 - 0.02)

= $10,290

So, the gross margin is

= $18,400 - $10,290

= $8,110

i guess you could put raise the economic balance

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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