A business reports sales revenue of $200,000 and the cost of goods sold is $120,000. What is the gross profit for the period?
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a. What was the amount of gross profit?b. If total operating expenses were $18,250,000, could you determine net income?c. Is Customer Refunds Payable an asset, liability, or owner’s equity account, and what is its normal balance?d. Is Estimated Returns Inventory an asset, liability, or owner’s equity account, and what is its normal balance?
- For the fiscal year, sales were $25,565,000 and the merchandise sold cost of was Is $15,400,000. What was the amount of gross profit? If total operating expenses were $4,550,000, could you determine net income? Customer Refunds Payable an asset, liability, or owner's equity account and what is its normal balance? Is Estimated Returns Inventory an asset, liability, or owner's equity account and what is its normal balance?If Net Sales is $10,500, Cost of Goods Sold is $5,400, Gross Profit is $5,100 and Operating Expenses are $1,800, what is the Net Income from Operations?Given below are the account balances for Charlie Company: Gross sales - $92,000 Sales returns and allowances - $6,000 Selling expenses - $12,000 Cost of goods sold - $42,000 Interest expense - $3,000 How much is the gross profit margin?
- If a company's revenue is $50,000, the cost of goods sold is $30,000, and operating expenses are $10,000, what is the company's gross profit?During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold is 33,026,400. What is the amount of gross profit?In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of goods sold was $450,000. The gross profit % (rate) was
- NEED ANSWER WITH EXPLANATIONA company has the following financial information: net sales $500,000, cost of goods sold $300,000, operating expenses $100,000, and other income $10,000. Calculate the gross profit margin and the operating profit margin.How is the gross profit percentagecomputed? Illustrate its calculation and interpretationassuming Net Sales is $100,000 and Cost of Goods Sold is$60,000.