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MBA 5100 - Quiz 4 Questions and answers latest update $14.99   Add to cart

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MBA 5100 - Quiz 4 Questions and answers latest update

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MBA 5100 - Quiz 4 Questions and answers latest update

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  • March 12, 2024
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  • 2023/2024
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MBA 5100 - Quiz 4
Which of the following items is subtracted from sales to arrive at net sales? - correct answer sales
returns and allowances



A sales invoice included the following information: merchandise price, $8,000; tems 3/10, n/eom.
Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and that the
invoice is paid within the discount period, what is the amount of cash received by the seller? - correct
answer $6,790



8,000 - 1,000 = 7,000

7,000 * 0.03 = 210

7,000 - 210 = 6,790



The difference btw sales and cost of goods sold for a retail business is ____. - correct answer gross profit



Which of the following is the formula to calculate gross profit percent? - correct answer (Sales -
COGS)/Sales



In credit terms of 1/10, n/30, the 10 represents the ____. - correct answer Number of days in the
discount period



Galaxy Inc. had the following merch transactions in October.



Purchases - $80,000

Purchase returns - $8,000

Purchase discounts - $7,200

Transportation in - $3,000



What is the total cost of merch purchased for Galaxy Inc? - correct answer $67,800

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