The following items were taken from the records of FDN Trading: Purchases, P30,000; Purchase Returns and Allowances, P500; Sales, P44,000; Sales Discount, P3,000; Freight on merchandise purchased, P1,600 and Freight on merchandise sold, P1,500. There are no beginning and ending merchandise inventory. How much is FDN Trading's gross profit?

The following items were taken from the records of FDN Trading: Purchases, P30,000; Purchase Returns and Allowances, P500; Sales, P44,000; Sales Discount, P3,000; Freight on merchandise purchased, P1,600 and Freight on merchandise sold, P1,500. There are no beginning and ending merchandise inventory. How much is FDN Trading's gross profit?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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