Toyz's Retail Store Sold $900 of Merchandise to Ebony Inc

question 40

Essay

Toyz's Retail Store sold $900 of merchandise to Ebony Inc. on April 3, terms. On April 8, Ebony returned $200 of the merchandise that was defective. The original merchandise sold cost Toyz $600, but of this amount, $70 was returned. Toyz received payment from Ebony on April 10. What amount of sales and cost of goods sold should Toyz record for these transactions?

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Definitions:

Multiproduct Branding

A branding strategy where a company uses the same brand name across a variety of its products to create a unified brand image.

Multibranding

A strategy where a company markets multiple brands within the same product category, catering to different consumer segments.

Private Branding

A strategy where products are manufactured and sold under the retailer's brand name, rather than the producer's brand.

Mixed Branding

Refers to a marketing strategy where a company uses multiple brand names for its products or services, catering to different market segments or product lines.