Do fast answer of this accounting questions Calculate the gross profit using the following information:⚫ Sales: $85,000⚫ Sales returns and allowances: $1,500⚫ Beginning inventory: $7,800⚫ Purchases: $45,000•Purchases returns and allowances: $2,100Purchases discounts: $1,400••Freight in: $1,600⚫ Ending inventory: $8,400.

Step 1: Definition of Gross ProfitGross profit is the profit a company earns after deducting the…

Answered: Calculate the gross profit using the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the gross margin.
Use the following information: Net sales Cost of goods sold $235,000 168,000 52,000 42,000 Beginning inventory Ending inventory a. Calculate the inventory turnover ratio. b. Calculate the average days in inventory. c. Calculate the gross profit ratio.
Use the following information: 180,000 Net sales 124,000 Cost of goods sold Beginning inventory 41,000 Ending inventory 31,000 Calculate the gross profit ratio. (Round your answer to 2 decimal places.) $
What is the gross profit rate?
Subject: General accounting
Using the data below, calculate the cost of merchandise sold. Beginning inventory, $1,000 Inventory purchased, $3,000 Net Income, $40,000 Ending inventory, $2,000 Sales, $185,000
The records of a business show the following information: Sales, P364,000; Purchases, P252,000; Freight-in, P11,000; Purchase discounts, P4,900; Sales returns, P12,600; Purchase returns, P3,000; Inventory, beg. P22,400; and Inventory, end. P15,000. How much is the gross profit? P101,500 P103,700 P99,900 P88,900 How much is the total goods available for sale? Choices: P277,500 P251,500 P262,500 P266,500
Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales Returns and Allowances $357 Cost of Goods Sold $1,306 Inventory $1,451
Using the following information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases returns and allowances 1,800 Purchases discounts 1,250 Freight-in 1,590 Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Purchases $ $ $ Net purchases $ $ Cost of goods sold $ Determine the gross profit. $
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%
Gross Profit would be____.

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