Question

On November​ 1, 2019, Alpha​ Omega, Inc. sold merchandise for $ 12 comma 000​, FOB​ destination, with payment​ terms, n/30. The cost of goods sold was $ 3 comma 840. On November​ 3, the customer returns on this sale amounted to $ 4 comma 800. The company received the balance on November​ 9, 2019. Calculate the gross profit from these transactions.

Answer 1

Answer:

Gross Profit is $9552

Explanation:

Given data

sold  = $12000

cost of goods = $3840

returns = $4800

to find out

gross profit

solution

we apply here gross profit formula that is

Cost of goods = Cost of goods - ( Return amount × Cost of goods sold / sale  ) .....................1

Cost of goods = 3840 - ( 4800 × 3480/ 12000)

Cost of goods = 2448

gross profit

Gross Profit = Sales - Cost of Goods Sold

Gross Profit = 12000 - 2448

Gross Profit is $9552