Asked by
Alexandria Thomas
on Dec 16, 2024Verified
If merchandise sells for $3,500, with terms of 3/15, n/45, and the cost of the inventory sold is $2,100, the amount charged to sales is
A) $3,395
B) $3,500
C) $2,037
D) $2,100
Cost of Inventory Sold
The total cost of goods sold during a specific period, including the cost of acquiring or manufacturing the goods.
Sales
The transactions involved in selling goods or services to customers, generating revenue for a business.
- Ascertain and appreciate the effects of sales discounts, returns, and allowances on gross profit.
Verified Answer
SD
Learning Objectives
- Ascertain and appreciate the effects of sales discounts, returns, and allowances on gross profit.