Answer :
'The difference between the net method of recording sales discounts and the gross method of recording sales discounts is that The net method enters the invoice with the gross sales plus the discount, and the gross sales method enters the gross sales on the invoice.
The gross method, as opposed to the net method, records an invoice at full price without regard to any cash discounts offered. In other words, the gross method assumes that the customer will not take advantage of the cash or early payment discount.
Take the expected gross profit percentage of the total sales figure during a period to get the cost of goods sold. Then calculate the estimated cost of goods available for sale minus the estimated cost of goods sold to get the ending inventory.
Gross price is the amount charged for goods or services prior to the application of any discounts. In accounting, gross sales are formed from gross prices. Deductions that can be applied to the gross amount include quantity discounts, payment discounts, and early payment discounts.
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