On November 1,2017,Lotz Company Sold Merchandise for $16,000,FOB Destination,with Payment

question 87

Multiple Choice

On November 1,2017,Lotz Company sold merchandise for $16,000,FOB destination,with payment terms of 2/10,n/40.Customer returns on this sale amounted to $4,000.The company received payment for the balance on November 10,2017.The cost of goods sold was $3,600.Calculate the amount of gross profit from these transactions.

• A)$12,400
• B)$8,160
• C)$8,400
• D)$11,760

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Definitions:

Sections

Distinct parts into which something is or may be divided, or a method of delivering a baby surgically.

Torso

The central part of the human body that extends from the neck to the pelvis, excluding the head, arms, and legs.

Thoracic Cage

The Thoracic Cage, also known as the rib cage, is a skeletal structure made of ribs and sternum that protects vital organs in the chest and supports the upper body.

Thoracic Vertebrae

The twelve vertebrae situated between the cervical (neck) and lumbar (lower back) regions, which make up the midsection of the vertebral column.