Answer & Explanation:Becky Baileys
Textiles,? Inc., uses a perpetual inventory system. In? February,
Becky Baileys sold $460,000
of merchandise on account with terms 3?/10, n/30. The cost of
the merchandise sold was $200,000.
Using this? information, calculate the gross profit from the sale and the
gross profit ratio. Assume that the customer does not pay within the discount
period.
