For what purpose is the report used? What improvement could be made in this report based upon the reporting principles? example ofreport is shown below:PORTLAND HARDWARESales and Product Gross ProfitOctober 12, 2012Units SoldGross ProfitThisLastIncr.ThisLastIncr.Item IDMonthDescriptionGardenMonth(Decr.)MonthMonth(Decr.)90023(30)(2)G281$2,700$2,500$200(5)Hose870SprinklerLawnG300215055G400Mower30281,2001,400(200)LockingHandleCabinetн1024242002248,4804,0004,480HingesDoor HingeH20192103(11)473745(8)15H202397350340325Exhibit 3. Sample Gross Profit by Product Report

Gross profit refers to Sales less all direct costs involved in production of the products or…

Answered: For what purpose is the report used?…

Business

Accounting

For what purpose is the report used? What improvement could be made in this report based upon the reporting principles?

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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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

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