24* Company XYZ is a smart phone merchant. The company purchases smart phones directly from themanufacturer and sells them to customers. During the month of April, the company purchased 55smart phones and paid $800 for each one. The company managed to sell 50 smart phones during thesame month for $1,100 each. The company incurred total Selling and Administrative costs of $4,000of which 20% is fixed costs. Assume that XYZ did not have a beginning inventory during April, whatwas the gross margin ($) for April?O a. 7,800O b. 11,000O c. 11,800O d. 15,000e. None of the given answers

Gross Margin = Sales- Cost of goods sold Sales : 50*1100 = 55000 Cogs : 50*800 = 40000 Gross…

Company XYZ is a smart phone merchant. The company purchases smart phones directly from the manufacturer and sells them to customers. During the month of April, the company purchased 55 smart phones and paid $800 for each one. The company managed to sell 50 smart phones during t same month for $1,100 each. The company incurred total Selling and Administrative costs of $4,00 of which 20% is fixed costs. Assume that XYZ did not have a beginning inventory during April, what was the gross margin ($) for April? a. 7,800 O b. 11,000 O c. 11,800 O d. 15,000 e. None of the given answers

Company XYZ is a smart phone merchant. The company purchases smart phones directly from the manufacturer and sells them to customers. During the month of April, the company purchased 55 smart phones and paid $800 for each one. The company managed to sell 50 smart phones during t same month for $1,100 each. The company incurred total Selling and Administrative costs of $4,00 of which 20% is fixed costs. Assume that XYZ did not have a beginning inventory during April, what was the gross margin ($) for April? a. 7,800 O b. 11,000 O c. 11,800 O d. 15,000 e. None of the given answers

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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