Question

PART 4 is the only part i need PLEASE

PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5]

[The following information applies to the questions displayed below.]

Larry’s Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

a.	Sold merchandise for cash (cost of merchandise $321,350).	$	680,000
b.	Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,300).		6,600
c.	Sold merchandise (costing $8,760) to a customer on account with terms 2/10, n/30.		14,600
d.	Collected half of the balance owed by the customer in (c) within the discount period.		7,154
e.	Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid.		2,150

References

Section BreakPB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5]

1.

value:
2.50 points

Required information

PB6-3 Part 1

Required:
1.	Compute Sales Revenue, Net Sales, and Gross Profit for LBS.

References

eBook & Resources

WorksheetDifficulty: 2 MediumLearning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement.

PB6-3 Part 1Learning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.

Check my work

2.

value:
2.50 points

Required information

PB6-3 Part 2

2.	Compute the gross profit percentage. (Round your answer to 1 decimal place.)

References

eBook & Resources

WorksheetDifficulty: 2 MediumLearning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement.

PB6-3 Part 2Learning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.

Check my work

3.

value:
2.50 points

Required information

PB6-3 Part 3

3.	Prepare journal entries to record transactions (a)–(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

      

References

eBook & Resources

General JournalDifficulty: 2 MediumLearning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement.

PB6-3 Part 3Learning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.

Check my work

4.

value:
2.50 points

Required information

PB6-3 Part 4

4.	LBS is considering a contract to sell building supplies to a local home builder for $32,000. These materials will cost LBS $23,200. What would be the increase (or decrease) gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)

References

eBook & Resources

Multiple ChoiceDifficulty: 2 MediumLearning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement.

PB6-3 Part 4Learning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.

Check my work

Answer 1