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Assume the perpetual inventory method is used. 1) The company purchased $12,900 of merchandise on account...

Assume the perpetual inventory method is used.

  1. 1) The company purchased $12,900 of merchandise on account under terms 3/10, n/30.

  2. 2) The company returned $2,400 of merchandise to the supplier before payment was made.

  3. 3) The liability was paid within the discount period.

  4. 4) All of the merchandise purchased was sold for $19,800 cash.

The amount of gross margin from the four transactions is:

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