Use the following to answer questions 18 – 21BY Inc., begins the year with inventory of $36,500 and endsthe year with inventory of $45,100. During the year, thefollowing amounts are recorded:Sales$978,500Sales returns & allowances14,100Sales discounts12,400Purchases515,000Operating expenses214,30018. $Net Sales19.$Calculate cost of goods sold20. $Gross profit21.% Gross profit ratio (rounded to oncedecimal place)

Name: Use the following to answer questions 18 – 21BY Inc., begins the year
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Use the following to answer questions 18 – 21BY Inc., begins the year with inventory of $36,500 and endsthe year with inventory of $45,100. During the year, thefollowing amounts are recorded:Sales$978,500Sales returns & allowances14,100Sales discoun

Calculation of net sales, cost of goods sold, gross profit, and gross profit ratio are as follows

Answered: 18. $ Net Sales 19. $ Calculate cost of…

Business

Accounting

18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decima1 place)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

(b) Prove the cost of goods sold calculations. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and other answers to O decimal places, e.g. 5,275.) Check of Cost of Goods Sold (FIFO): Apr. 1 Apr. 12 Weighted Average Units Check of Cost of Goods Sold: $ Unit Cost units x $ $ $ Total Cost per unit = $
13
just need the headers thanks
45 Calculate gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 5000. t of O a. OMR 10000 stion O b. OMR 15000 O c. OMR 5000 O d. OMR 45000 In which of the following Inventory techniques are the 立

Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold 24 Ending inventory 24 Gross profit $ b. First-in, first-out (FIFO) Cost of goods sold $ Ending inventory Gross profit $ c. Weighted-average (round the unit price) Cost of goods sold 24 Ending inventory $ Gross profit $ d. Last-in,…
LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory F Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Beginning Sale Purchase $4 Sale Purchase Sale Total Purchases $4 Total COGS Gross Margin, LIFO perpetuak Sales COGS Gross Margin %24
locs.google.com/forms/d/e/1FAlpQLSdhx7wkRBg-SysLm-AeX919m2L5F4)xzbwov4D68WUmofzSg/formResponse?pli=1 1. Gross profit margin is impacted by sales and cost of goods sold changes." O A) True O B) False 2. The income statement comes in only one basic formats, the multiple-step which is used to analyze the financial performance of the company. * O A) True O B) False 3. Gross profit margin and operating profit margin are complements of each other and the two percentages add up to 100%.* O A) True O B) False 9.58 AM Borrowing mone for short term period is a financingLcash outflow. O d0 ENG 22-Dec-2021 TOSHIBA
am.303.
Help
14- Gross profit of a firm for an accounting year is calculated by using __________ formula while preparing income statement. a. All of the options b. Net sales – Sales return c. Net sales – Cost of goods sold d. Net sales – Expenses
Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. ( answers in thousands of dollars.) ($ thousands) Net sales Cost of goods sold Current Year: Prior Year: Prior Current Year $801,810 $ 453,000 Year: 392,887 134,088 Common-Size Percent for Cost of Goods Sold using Net Sales as the base: Choose Denominator: Base year net sales 801,810/ $ 453,000/ $ Choose Numerator: Analysis period net sales S S 453,000= 453,000 = Common-size percents 177.0 % 100.0 %
.Calculate the gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 2000.,Return outwards 5000, Purchases 5000 a. OMR 8000 b. OMR 5000 c. OMR 10000 d. OMR 15000