S5-7 Calculating net sales and gross profit—perpetual inventory [5 min]
Use the data in Short Exercise 5-6 for Piranha.com.
Requirements
1. Calculate net sales revenue for October 2012.
2. Calculate gross profit for October 2012.
data from SE5-6
Suppose Piranha.com sells 2,500 books on account for $15 each (cost of these books
is $22,500) on October 10, 2012. One hundred of these books (cost $900) were damaged
in shipment, so Piranha.com later received the damaged goods as sales returns
on October 13, 2012. Then the customer paid the balance on October 22, 2012.
Credit terms offered to the customer were 2/15, net 60.
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