Business, 16.02.2022 16:30 arianaguerin

Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December. Both companies use a perpetual inventory system using the gross method of recording sales discounts. December 3 â€“ Vogel Corporation sold inventory on account to Hatcher Corporation for $489,000, terms 2/10, n/30. This inventory originally cost Vogel $310,000. December 8 â€“ Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,500. Vogel returned this inventory to inventory at its original cost of $2,853. December 12 â€“ Hatcher Corporation paid Vogel Corporation for the amount owed. Required: Prepare the journal entries to record these transactions on the books of Vogel Corporation. What is the amount of net sales to be reported on Vogel Corporationâ€™s income statement? What is the Vogel Corporationâ€™s gross profit percentage?

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