For what purpose is the report used? What improvement could be made in this report based upon the reporting principles?
For what purpose is the report used? What improvement could be made in this report based upon the reporting principles?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
For what purpose is the report used? What improvement could be made in this report based upon the reporting principles?
![example of
report is shown below:
PORTLAND HARDWARE
Sales and Product Gross Profit
October 12, 2012
Units Sold
Gross Profit
This
Last
Incr.
This
Last
Incr.
Item ID
Month
Description
Garden
Month
(Decr.)
Month
Month
(Decr.)
900
23
(30)
(2)
G281
$2,700
$2,500
$200
(5)
Hose
870
Sprinkler
Lawn
G300
21
50
55
G400
Mower
30
28
1,200
1,400
(200)
Locking
Handle
Cabinet
н102
424
200
224
8,480
4,000
4,480
Hinges
Door Hinge
H201
92
103
(11)
47
37
45
(8)
15
H202
397
350
340
325
Exhibit 3. Sample Gross Profit by Product Report](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F43c9bddf-c21e-4bdb-b9a1-d7e7128c6441%2F68924901-9630-40d3-a540-2efb91631212%2F24wy8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:example of
report is shown below:
PORTLAND HARDWARE
Sales and Product Gross Profit
October 12, 2012
Units Sold
Gross Profit
This
Last
Incr.
This
Last
Incr.
Item ID
Month
Description
Garden
Month
(Decr.)
Month
Month
(Decr.)
900
23
(30)
(2)
G281
$2,700
$2,500
$200
(5)
Hose
870
Sprinkler
Lawn
G300
21
50
55
G400
Mower
30
28
1,200
1,400
(200)
Locking
Handle
Cabinet
н102
424
200
224
8,480
4,000
4,480
Hinges
Door Hinge
H201
92
103
(11)
47
37
45
(8)
15
H202
397
350
340
325
Exhibit 3. Sample Gross Profit by Product Report
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