American Importers reports a net income of $50,000 and a cost of goods sold of $450,000. If the company's gross profit rate was 40%, net sales were?

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A: Total VOH Variance = Actual Variable Overhead Incurred −(Standard Variable Overhead Rate × Standard…

Q: General accounting

A: Step 1: Define Cost of Goods SoldThe cost of goods sold is the sum of all direct expenses of the…

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A: 1. Predetermined overhead rate as a percent of direct laborPredetermined Overhead Rate= (Factory…

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A: Step 1: Understanding the ProblemThe formula to calculate Cost of Goods Sold (COGS) is:…

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A: Explanation of Cost of Goods Manufactured (COGM):Cost of Goods Manufactured refers to the total…

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A: Step 1: Formula Earnings per share = (Net income - Preferred dividends)/Outstanding common shares…

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A: Step 1: Define Tax liabilityThe amount that is to be paid to the government after excluding…

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A: Step 1: Use the Work in Process (WIP) Inventory FormulaStep 2: Substitute the given values into the…

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A: Step 1: Define Cost of Goods ManufacturedGoods manufactured are calculated by adding the value of…

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A: Step 1: Definition of TurnoverTurnover measures how efficiently a company uses its operating assets…

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A: Step 1: First calculate the stockholders' equity on June 30, 2016: Stockholders' equity = Total…

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A: Step 1: Understand the ProblemTomy Toys plans to:Produce 190 action figures in July.Direct labor…

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A: Explanation of Assets:Assets are resources owned by a business that have economic value and are…

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A: Detailed explanation:b.  Assets = Liabilities + Equity best describes the accounting identity.This…

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A: Step 1: Define Production RequirementProduction requirement refers to the number of units a company…

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A: Concept of Activity-Based Costing (ABC):Activity-Based Costing (ABC) is a method of allocating…

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A: Step 1: Calculate the Cost-to-Retail Ratio (unchanged).At Cost:Beginning Inventory (Cost):…

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A: Explanation of Cost of Goods Manufactured (COGM): This represents the total manufacturing cost of…

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A: To calculate the gross profit, we need to compute the net sales and cost of goods sold (COGS), then…

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A: To determine the annual after-tax cash receipts, we need to calculate the project's after-tax cash…

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A: Step 1: Define Owner's EquityOwner's equity represents the residual interest in the assets of the…

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A: The correct answer is:d. Period cost and Selling and Marketing expense. Explanation:Sales…

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A: Step 1: Find the Cost of Goods Sold (COGS)= sales - gross profit= $32,200 - $19,800= $12,400 Step 2:…

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A: Step 1: Calculate the cash flow before tax as follows:Cash flow before tax = Annual cash receipt -…

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A: Step 1: Define Income StatementThe income statement for a firm may be prepared by using the…

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A: Step 1:  Identify the formula for Net Income:• Net Income = Net Sales × Net Profit MarginStep 2:…

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A: Step 1: Analysis of information Net income = $24,000Net sales = $400,000Average assets is not used…

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A: Step 1: Definition of Gross ProfitGross profit is the financial metric that represents the…

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A: Formula:ROA = Profit Margin on Sales × Asset TurnoverGiven:Profit Margin on Sales = 0.03 (or…

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