Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A $247,500 B. $250,000 C. $62,000 OD. $168,000

Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A $247,500 B. $250,000 C. $62,000 OD. $168,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Question

Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky
Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 OD.
$168,000

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