Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory 40,000 Purchases 80,000 Purchase discounts 3,000 Freight-in 1,000 Ending inventory 30,000 Purchase returns and allowances 2,000 Given the information above, gross margin is Oa. $94,000. Ob. $86,000. c. $114,000. Od. $106,00o.

Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory 40,000 Purchases 80,000 Purchase discounts 3,000 Freight-in 1,000 Ending inventory 30,000 Purchase returns and allowances 2,000 Given the information above, gross margin is Oa. $94,000. Ob. $86,000. c. $114,000. Od. $106,00o.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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