1. What is the cost of goods available for sale? 2. What is the gross profit?
Q: How is total cost of goods sold and the total amount billed to customers calculated?
A: A job cost sheet is a sheet which is used to record the manufacturing costs .
Q: Briefly explain the difference between gross profit, net profit and EBIT.
A: Gross Profit is computed by deducting Cost of goods sold from Sales. Gross profit is the profit a…
Q: Give the solution in each letter: a. How much is the total net revenue? b. How much is the total…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Define Gross Profit Method.
A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…
Q: Sales to Y Sales to others Cost of goods sold
A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has…
Q: which of the following would be considered in the calculation of gross profit? Sales and returns…
A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…
Q: Define cost of goods sold. How is it computed? What two financial reports does it impact and how?
A: Cost of goods sold or COGS is the direct cost of the products sold/manufactured by the entity. It…
Q: ow much is the total net revenue? ow much is the total net profit from the operation ow much is the…
A: As per rule, allowed to answer one question and post the remaining in the next submission.
Q: An example of an expense classifi cation by function is: C . cost of goods sold.
A: Expenses are either classified by nature or by function.
Q: What does the gross profit percentage measure, and how is it calculated?
A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…
Q: What's the difference between the profit margin and gross margin ratio?
A: Ratio is the arithmetic relationship between two figures. Accounting ratios shows the…
Q: How much is the total cost of goods available for sale?
A: solution given Purchases 1264500 Purchase return and allowances 39725 Freight in…
Q: How is the profit margin on sales calculated?
A: Profit margin on sale: it's categorized under profitability ratio , generally this ratio is used to…
Q: How to get or compute the gross sales
A: Gross sales is presented in income statement.
Q: Cost of Goods Sold = [ ? ]
A: COGS includes all the direct expenses that are incurred in production. Indirect expenses to…
Q: What is the market value of goods
A:
Q: What is the cost of goods sold?
A: Retail inventory method refers to an accounting method which is used by the companies to compute the…
Q: What is the answer to the Cost of goods sold?
A: Cost of goods sold means the difference between the sale and gross profit . It means the cost of…
Q: WHAT IS THE COST OF SALES?
A: Cost of sales in the business means all costs that are directly incurred for the manufacturing of…
Q: Gross profit from sales is the difference between
A: Gross profit means the excess of revenue against the cost of good sold from the operating activity…
Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…
A: Net income is calculated as the Sales-Cost of goods sold-Operating expense Where Gross profit is…
Q: alculate the gross profit ratio and net profit ratio?
A: The gross profit ratio is a financial ratio that evaluates the performance and efficiency of a…
Q: What is sales revenue? How will you calculate it?
A: Answer 1) The amount received by the business entity by offering and selling the goods &…
Q: A measure of the overall price level paid for various goods and services by individuals: O a. Gross…
A: Solution:- Gross Domestic Product (GDP) means the sum total of prices of goods and services paid by…
Q: What is gross profit margin?
A: The method to analyze the performance of a company through its profitability is term as the…
Q: purchase discounts and purchase returns and allowances included in the calculation of cost of goods…
A: Discounts are of three types trade discounts, cash discounts, and purchases discounts. A trade…
Q: What are trade margins? How do they relate to thepricing for a produce, of goods?
A: A product is manufactured so that it can be sold to the consumer for the consumption purpose.…
Q: What is the formula for gross profit
A: Gross profit is an excess of revenue over the cost of goods sold.it can be calculated by deducting…
Q: How much is the Net Purchases? how much is the Net Cost of Goods Purchased? how much is the Cost…
A: Purchases means where the goods has been purchased for the resale purpose. Gross purchases means…
Q: What is the amount of sales under cash basis? What is the amount of purchases under cash basis?…
A: Solution Note : as per the Q&A guideline we are required to answer the first three subparts only…
Q: What makes up gross income?
A: Gross income is direct income of a business generated from direct revenues of the company. It is an…
Q: How do I calculate Net Income & Net Profit Margin
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: What is the difference between gross selling price and invoice price?
A: Invoices are the bill which display the total value of the product purchased. Be it gross selling…
Q: The COGS is estimated by deducting the gross profit from sales revenue. Distinguish between gross…
A: Gross profit is calculated by deducting the cost of goods sold from the sales. The percentage of…
Q: What is the gross profit? | Select) How much is the operating expense? [ Select ] | Select) How much…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: How is gross profit calculated, and what does it represent?
A: Gross profit is the difference of amount obtained by subtracting Cost of goods sold from Net…
Q: Find the Gross Profit
A: Direct costs are associated with the manufacturing of goods/services provided to consumers,…
Q: What are the major uses of the gross profit method?
A:
Q: total net revenue
A: Statement of comprehensive income is a part of financial statements which shows the net income from…
Q: what is the cost of sales?
A: Cost of sales are the cost incurred for producing the goods which is sold. The concept related to…
Q: 1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?
A: Prime costs is the basic costs incurred to manufacture the product. Prime costs would therefore…
Q: What is selling expenses and general expenses?
A: An expense is a cost of running a firm in order to generate income. As the saying goes, "it costs…
Q: what is the revenue and gross profit
A: Revenue is the amount or income which has been earned during particular period of time. Gross profit…
1. What is the cost of goods available for sale?
2. What is the gross profit?
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- Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P500,000; Purchase Returns and Allowances P14,000; Purchase Discounts P9,000; and Freight-in P15,000. Determine net cost of purchases.Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P600,000; Purchase Returns and Allowances P25,000; Purchase Discounts P11,000; and Freight-in P19,000; beginning inventory of P45,000; ending inventory of P55,000; and net sales of P750,000. Determine the cost of sales.Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
- Comprest Company has the following account balances: Purchases of $ 10,551, Purchase Returns and Allowances of $ 859, Purchase Discounts of $ 1,578, Freight-In of $ 294, Freight-Out of $ 538,and Beginning Inventory of $ 3,415. What is the Cost of Goods Available for Sale? Please don't provide solutions in an image format thank youFor the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200The following data was taken from ledger account balances and supplementary data for the XYZ Company. Merchandise inventory, beginning PHP20,000 Merchandise inventory, ending 23,000 Purchases 215,000 Purchases discounts 6,000 Purchases returns and allowances 3,000 Sales 400,000 Sales discounts 6,000 Sales returns and allowances 1,800 Freight-in 10,000 Required: Show the computation, in proper format, of net sales, cost of goods sold, and gross profit for the year ended December 31, 2020.
- Under the periodic inventory system, the entry to record a purchase of P60,000, with terms 2/10. n/30 would include a. Debit to Accounts Payable for P58,800 b. Credit to Purchases for P60,000 c. Credit to Accounts Payable for P60,000 d. Debit to Purchase Discounts for P1,200Assume that Marigold Corp. uses a periodic inventory system and has these account balances: Purchases $405,200; Purchase Returns and Allowances $12,400; Purchase Discounts $7,900; and Freight-in $15,800.Determine net purchases and cost of goods purchased. Net purchases $enter a dollar amount Cost of goods purchased $enter a dollar amount Need Help!The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in P764,985 8,200 5,465 459,990 9,180 13,300 5,455 25,000 Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expenso is 4% of net sales. Classify the bad debt expense as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit. f. Total Expenses g. Net Income/Loss
- Coronado Company has the following account balances: Purchases Sales Returns and Allowances Purchase Discounts Freight-In Delivery Expense $97000 12300 7300 6700 10000 The cost of goods purchased for the period isThe debits and credits for five related transactions, (1) through (5), are presented in the following T accounts. Assume the credit terms were 2/10, n/30, using the net method under a perpetual inventory system. Cash Sales (5) 10,290 (1) 11,760 Accounts Receivable Cost of Goods Sold (1) 11,760 (3) 1,470 (2) 7,000 (5) 10,290 Inventory (4) 900 (2) 7,000 Estimated Returns Inventory (4) 900 Customer Refunds Payable (3) 1,470 a. Describe each transaction. 1. Sold merchandise on account, net of discount. V 2. Recorded the cost of the goods sold and reduced the inventory account. V 3. Granted a credit against a customer's accounts receivable for returned merchandise. V 4. Updated the inventory account for the cost of the merchandise returned. V 5. Received the balance due. V b. What was the invoice amount of the merchandise that was returned?Assume that Sunland Company uses a periodic inventory system and has these account balances: Purchases $423,700; Purchase Returns and Allowances $12,000; Purchase Discounts $6,700; and Freight-in $17,000. Sunland Company has beginning inventory of $59,700, ending inventory of $89,700, and net sales of $654,600.Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $enter a dollar amount Gross profit $enter a dollar amount