"Company A reports: Sales revenue: $480,000 Cost of goods sold: $290,000 Calculate the gross profit."
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- The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)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?What is the gross profit?
- Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?During the current year, merchandise is sold for $672,000. The cost of merchandise sold is $314,580. a. What is the amount of the grossprofit? b. Compute the gross profit percentage (gross profit divided by sales).
- Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? 12,843,600 b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income?Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.% c. When will the income statement necessarily report a net income?During the current year, merchandise is sold for $589,000. The cost of merchandise sold is $266,360. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales).
