**Gross Profit Percentage Conversion**Each of the following gross profit percentages is expressed in terms of cost:1. **22%**2. **28%**3. **36.67%**4. **55%****Task:**Indicate the gross profit percentage in terms of sales for each of the above. *(Round answers to 2 decimal places, e.g., 78.73%.)*---**Table: Gross Profit Conversion**| Gross Profit in Terms of Cost | Gross Profit in Terms of Sales ||------------------------------|---------------------------------|| 22% | || 28% | || 36.67% | || 55% | |**Instructions:** Calculate the equivalent gross profit percentage expressed in terms of sales and fill in the blanks above.

Gross profit on sale = Gross profit rate / ( 100 + Gross ptofit rate ) * 100

Each of the following gross profit percentages is expressed in terms of cost. 1. 22%. 2. 28%. 3. 36.67%. 4. 55%. Indicate the gross profit percentage in terms of sales for each of the above. (Round answers to 2 decimal places, eg. 78.73%.)

Each of the following gross profit percentages is expressed in terms of cost. 1. 22%. 2. 28%. 3. 36.67%. 4. 55%. Indicate the gross profit percentage in terms of sales for each of the above. (Round answers to 2 decimal places, eg. 78.73%.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use functional notation to express the gross profit margin for a company that has a gross profit of…

A: Functional notation to express gross profit margin for a company is..The functional notation to…

Q: Refer to the following given information. The cost of inventory sold to customer 220,000 Advertising…

A: Ratio analysis: Ratio analysis is a tool that establishes a relationship between the different…

Q: The Marginal Revenue function for a company's product is: MR = 240000 - 22x where x equals the…

A: Total revenue is the total amount of goods and services sold. It is calculated by multiplying the…

Q: ieverage is 6 (contribution margin dividled by net income), one would expect net income to increase…

A: Degree of operating leverage (DOL) refers to the method that measures the percentage change in EBIT…

Q: Some financial information for each of three companies is reflected below in columns A, B, and C.…

A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…

Q: A company's net sales are $817,990, its costs of goods sold are $449,895, and its profit is…

A: Lets understand the basics. Gross profit margin is a margin generated on sales. It is derived by…

Q: Use the following information to compute profit margin for each separate company a through e. Note:…

A: PROFIT MARGIN RATIOProfit Margin Ratio is the Ratio between Net Income & Total Sales…

Q: Calculate the profit margin. Round to 0 decimal places. Net Income: 99,200 Net Sales: 2,542,000

A: Net Profit Margin also called net margin is the ratio of profit to sales. This ratio measures the…

Q: Total profit is defined as total revenue, R(x), minus total cost, C(x), and is given by the function…

A: Profit Function: Profit is the result from deducting the cost or the expenses to the revenue. It…

Q: A company's net sales were $724,200, its cost of goods sold was $244,050 and its net income was…

A: GROSS MARGIN RATIO Gross Margin is the ratio between Gross Profit & Net Sales Revenue. Gross…

Q: Blossom Sawmill Co. runs rough logs through its cutting facility for the primary purpose of…

A: "Since you have asked a question with multiple sub-parts, the first three sub-parts are answered for…

Q: is computed as: ting income minus operating expenses. revenue minus cost of goods sold. materials…

A: The income statement is prepared to record the revenue and expenses for the current period. The net…

Q: $671,000 496,540 $174.460 $429,000 253,110 $175,890

A: Answer : Weighted average contribution margin ratio : Weighted average contribution margin ratio =…

Q: Using the table below, create a line chart in which profit or loss is plotted on the Y-axis and…

A: Selling price per Unit= $16 Variable Cost per unit= $11 Fixed cost in total= $505000

Q: The price of a product is expressed as ?, PHP = 10 – 28? where ? is the demand. Which of the…

A: Solution:- Total revenue = Price of product x Total demand of the product

Q: 1. Company ABC produces and sells product X. Using information given below calculate Total Revenue…

A: Total Revenue = Quantity*Price per product Average Revenue = Total Revenue/Quantity Marginal Revenue…

Q: Hw.131. Sheridan Corporation reported net sales of $284,700, cost of goods sold of $156,585,…

A: Profit margin is one of the often used profitability measures to assess a company's or line of…

Q: Problem Three: ) Given the revenue function R(x) = x³+ 3x²+ x Find the average revenue of producing…

A: I) Average revenue is the price per unit sold Average revenue = Total revenue / No. of units…

Q: Write the formula of the Price-Earnings ratio and explain how a result of 11 should be interpreted

A: Price earning ratio, popularly known as P-E ratio, is an important parameter to check the…

Q: Problem 4: A piece of equipment used in a business has a first cost of P 50,000 and is expected to…

Q: If the gross profit ( 2250 000 )D. The total Cost ( 4750 000 )D. , and the Sales value ( 7000 000…

A: If the gross profit 2250000D. The total Cost 4750 000D., and the Sales value 7000000 D.The percent…

Q: Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales…

A: Gross profit calculated as a percentage of costs is calculated as gross profit divided by the cost…

Q: Tom Petty Co. produces and sells a single product. Data concerning that product appear below:…

A: Income Statement :— It is one of the financial statement that shows profitability of company during…

Q: If the Com.Cost ( 900 000 )D. The percnt of S1 (66%) and the percnt of S2 ( 34% ), the share of S1…

A: Given: Com Cost $900 000 Percentage of S1 66% Percentage of S2 34%

Q: 8. The difference between total sales in dollars and total cost of goods sold is called: A. net…

A: When the total cost of goods sold is subtracted from the total sales in dollar, we arrive at the…

Q: which of the following statements is true? a. Segment margin is greater than contribution margin.…

A: Hi studentSince there are multiple questions, we will answer only first questionSegmented income…

Q: My varible cost is 2,76 and not 2,3 how do i calculate the volume of sales

A: Sales Volume is the volume which is calculated by the company so that at the beginning of the year…

Q: Consider the following income statement data from the Ross Company: Current Year Prior Year $962,500…

A: Comparative financial statement means where the difference is taken between the figure of two years…

Q: The of each product's sales to. O selling price, profit O unit price, expense O ratio, total sales O…

A: Sales mix refers to the combination or proportion of different products or services that a company…

Q: The Marine Division of Pacific Corp. has average invested assets of $120,000,000. Sales revenue of…

A: Return on investment = Operating income / Average invested assets where, Average invested assets =…

Q: Sims Company began operations on January 1. Its cost and sales information for this year follow. $…

A: The contribution margin is calculated as the difference between sales and variable costs.The gross…

Q: A compeny's net sales were S676,600, its cost of goods sold was $236,810 and its net income was…

A: Gross margin in the business is sales revenue which is over and above it's, cost of goods sold.…

Q: Given this information, what is the profit percent? Format your answer to two decimal places and…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Remember: Gross profit = SP-CP Activity 1.2 Complete the following table: Table 1.2: Finding the…

A: Sale price refers to the price at which the goods are sold. Cost price is the price incurred for the…

Q: Sales (18,000 units) Variable expenses Contribution margin Fixed expenses $ 360,000 144,000 216,000…

A: Formula: Contribution margin ratio = ( Contribution margin / Sales revenue ) x 100

Q: The gross profit percentage is equal to: A. Net operating income/Sales B. Cost of goods sold/Sales…

A: Gross profit = sales - cost of goods sold. Gross profit % = Gross profit ÷ sales While calculating…

Q: When vertical analysis is applied to the income statement of a business with a net sales of TL…

A: The income statement is the most important financial document issued by a business entity. This…

Q: Calculate the missing values for each unique company. (Enter your ROI and Profit Margin percentage…

A: ROI = Profit margin * investment turnover Profit margin = ROI / investment t urnover Investment…

Q: Bett Inc. has the following 8 units A-H Description A B Assets 50 70 Revenue Profit Units 7 C 40 650…

A: A entity should report all the segments which has at least 10℅ of revenue, or 10℅ of profit or…

Q: Below are the unit sales as well as sales revenue for four different brands. Please fill in the…

A: brand unit sales unit market share sales revenue revenue marke share price A 10000 1000020000=50%…

Q: The correlation (r) between the price of a product (x) and average daily sales (y) is –0.95.…

A: r=-0.95 1.The Coefficient of determination-It is the proportion of the variation in the dependent…

Q: Complete the following paragraphs : If the common cost ( 450 000)$. distribution between S. and R.…

A: The net realizable value is calculated as sales value minus cost after split off point.

Question

**Gross Profit Percentage Conversion**

Each of the following gross profit percentages is expressed in terms of cost:

1. **22%**
2. **28%**
3. **36.67%**
4. **55%**

**Task:**

Indicate the gross profit percentage in terms of sales for each of the above. *(Round answers to 2 decimal places, e.g., 78.73%.)*

---

**Table: Gross Profit Conversion**

| Gross Profit in Terms of Cost | Gross Profit in Terms of Sales |
|------------------------------|---------------------------------|
| 22% | |
| 28% | |
| 36.67% | |
| 55% | |

**Instructions:** Calculate the equivalent gross profit percentage expressed in terms of sales and fill in the blanks above.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

CM ratio = 1 ______ the Variable expense ratio. minus plus divided by multiplied by
Concept introduction Gross profit ratio: Gross profit ratio calculated by dividng the gross profit by sales.The formula to calculate the gross profit ratio is as follows: Gross profit = Gross profit/sales Gross profit is calculated using the following formula: Gross profit= Sales-Cost of Goods Sold To choose: The correct term for excess of sales over the cost of goods sold.
From the PW, AW, and FW values below, the conventional B/C ratio is closest to:a. 1.27b. 1.33c. 1.54d. 2.76
In the cost-volume- profit graph (above), what is represented by the point marked "A"? Question 1 options: Breakeven point Fixed expenses Operating income area Operating loss area
If selling price is $2.08 and cost is $1.60, what is the price/cost ratio?
a company has net sales of 814100 and cost of goods sold of 588100 its net income is 32410 the company’s gross margin and operating expenses respectively
Q.3.5 Complete the following table by filling in the missing amounts: (6) Mark-up on Cost Price Profit Selling Price Cost (excluding VAT) (excluding VAT) (excluding VAT) 25% 1 000 100% 6 000 1 500 2 500
A company's gross profit (or gross margin) was $73,920 and its net sales were $352, 000. Its gross margin ratio is: A.21% B.73, 670 C.66% D.276, 130 E.1%
The Lancaster Corporation's income statement is given below. Sales Cost of goods sold Gross profit Fixed charges (other than interest) Income before interest and taxes Interest Income before taxes Taxes (35%) Income after taxes LANCASTER CORPORATION a. What is the times-interest-earned ratio? Note: Round your answer to 2 decimal places. Times interest earned Fixed charge coverage times b. What would be the fixed-charge-coverage ratio? Note: Round your answer to 2 decimal places. times $ 223,000 155,000 $ 68,000 33,100 $ 34,900 13,400 $ 21,500 7,525 $ 13,975
7. Consider the following: Code: A= Gross Profit to Net Sales Ratio B= Gross Profit to Cost of Goods Sold Ratio Which equation is correct? B = A a. 1 - A b. B = 1 + A A с. B = 1 - A A d. B = A 1 + A
Question 3: Net profit (or loss) expresses the difference between the price that materials or goods (food) were sold for with all associated costs subtracted. This includes the materials costs (e.g. food), labour costs and all other overhead costs (e.g. packaging, power costs, rent, etc.). Express the Total Costs in money($), net profit (NP) in money ($) and as a percentage (%) in the table below. Show the working below the table. Sales $140.55 $175.98 $.268.90 $555.65 $1010.80 Food Costs $40,99 $55.45 $81.38 $120.00 $300.70 Labour Costs $50.50 $61.25 $90.45 $155.98 $240.54 Overheads $23.34 $34.00 $74.88 $111.54 $230.78 Total Costs Net Profit (S) Net Profit as %
Quick BQtio all Yearh As Reported Annual Balance Sheet Report Date Scale 2019 2018 2017 2016 Thousands Thousands Thousands Thousands Assets 9,465,000 6,284,000 7,722,000 Cash & cash equivalents Receivables, net 6,756,000 6,867,000 6,283,000 5,614,000 5,835,000 44,269.000 3,623,000 61,897,000 104,317.000 Inventories 44.435,000 1,622,000 61,806,000 105,208,000 17,424,000 4,417,000 43,783,000 43,046,000 Prepaid expenses & other current assets Total current assets 3,511,000 59,664,000 107,675,000 1,941,000 57,689,000 107.710,000 Property & equipment, net Operating lease right-of-use assets Finance lease right-of-use assets, net Property under capital lease & financing obligations, net Goodwill Other long-term assets Total assets 7,078,000 31,181,000 14,822,000 219,295,000 7,143,000 18,242,000 31,073,000 16,567,000 236,495,000 6.468,000 17.037,000 9,921,000 198,825,000 11,798,000 204,522,000 Liabilities & Equity Short-term borrowings Accounts payable Accrued liabilities 575,000 46,973,000…