Assume the perpetual inventory method is used. 1) The company purchased $12,200 of merchandise on account under terms 2/10, n/30.2) The company returned $1,700 of merchandise to the supplier before payment was made.3) The liability was paid within the discount period.4) All of the merchandise purchased was sold for $18,400 cash. The amount of gross margin from the four transactions is:

$8,110

Explanation:

The computation of the gross margin is shown below:

As we know that

Gross margin is

= Sales - cost of goods sold

where,

Sales is $18,400

And, the cost of goods sold is

= (Purchase - returns) × (1 - discount rate)

= ($12,200 - $1,700) × (1 - 0.02)

= $10,290

So, the gross margin is

= $18,400 - $10,290

= $8,110

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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