Calculate this company's gross profit???? A company reported the following information for the month of July:Invoice Cost of merchandiseSales$250,475592,000purchaseSales discounts1,235Cost of shipping5,200Salesreturnsand2,840Purchase Returns & allowances11,000allowancesCost of goods sold33,975Purchase discounts received6,200Salaries Expenses30,000Rent Expense12,000Calculate this company's gross profit.

Step 1: Define Gross ProfitGross profit refers to the profit that remains after reducing direct…

Answered: A company reported the following…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Similar questions

Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
The 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?
Vaughn Company reported the following balances at June 30, 2022:Sales RevenueSales Returns andAllowancesSales DiscountsCost of Goods Sold$164007002907500 Net sales for the month is $ 16400. $7910. $15700. $15410.
Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Merchandise inventory, August 1 $ 97,070 Merchandise inventory, August 31 102,680 Purchases 254,100 Purchases returns and allowances 12,310 Purchases discounts 5,360 Freight in 3,120 $
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
EAssignmentMain.do?invoker%3D&takeAssignmes The following Information was taken from the accounting records of Bay Village Paving Co. for the month of January, 20-: Sales $857,000 Sales Returns and Allowances 1,876 Sales Discounts 627 Purchases 378,000 Purchases Returns and Allowances 9,560 Purchases Discounts 2,760 Frelght-In Merchandise Inventory, January 1 3,700 111,000 Merchandise Inventory, January 31 106,000 Complete a partial Income statement for the month of January, showing gross profit. Bay Village Paving Co. Income Statement (partial) For the month ended January 31, 20-- Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise Inventory, January 1 Purchases Purchases returns and allowances $ Purchases discounts Net purchases Frelght-In Cost of goods purchased Goods avallable for sale Merchandise Inventory, January 31 Cost of goods sold Gross profit check My Work 1more Chock My Work dnemanng
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $16,700 32,100 334,200 11,400 6,700 4,700
Accounts selected from the Dec. 31. 2020 trial balance of the VICTORIANO NAVARETTE COMPANY are listed below: В. P 9,630,000 4,720,000 Sales Purchases Merchandise Inventory, 1/1/2019 Merchandise Inventory, 12/31/2020 Salaries Expense 2,170,000 1,430,000 2,060,000 Supplies Expense Depreciation Expense 540,000 480,000 Sales Returns and Allowances 280,000 Insurance Expense 55,000 Sales Discounts 210,000 Freight Out 170,000 Purchase Returns and Allowances 110,000 Purchase Discounts 70,000 Freight In Miscellaneous Expenses 50,000 30,000 Required: Prepare a Statement of Comprehensive Income using the the multi-step general format. 9/30/2021
5. Based upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 Merchandise Inventory August 31 $75,560 96,330 373,880 14,760 10,900 Purchases Purchase Returns & Allowances Purchases Discounts Freight In 4,135
From the following information regarding the year to 31 August 20X6, what is the accounts payable payment period? You should calculate the ratio using purchases as the denominator. $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Trade accounts payable at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 days
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Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24. please quickly thanks !

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