Assume Beta Company Uses the Perpetual Inventory Method and Engaged

question 46

Multiple Choice

Assume Beta Company uses the perpetual inventory method and engaged in the following transactions:
1) Purchased $5,000 of merchandise on account under terms 2/10, n/30.
2) Returned $600 (list price) of merchandise to the supplier before payment was made.
3) Paid the account payable within the discount period.
4) Sold the merchandise for $6,500 cash.
The amount of gross margin from the four transactions is

• A) $1,012.
• B) $1,500.
• C) $2,188.
• D) $2,100.

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