Given the following information, what is the gross margin percentage?SalesSales discountsSales returns and allowancesTransportation-InCost of goods sold$ 1,29,4006,1004,7005,90058,800A. 55.4%.B. 47.8%C. 54.6%D. 50.4%

To calculate the Gross Margin Percentage, use the formula: Gross Margin Percentage=(Net SalesGross…

Answered: Given the following information, what…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

See similar textbooks

Similar questions

Please given correct answer general accounting
calculate the requirements
General accounting
Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below. (Round to nearest tenth.) Revenue Gross Sales Less: Sales Returns and Allowances $182,000 ??? 11,900 170,100 Net Sales Cost of Goods Sold Merchandise Inventory, Jan. 1 70,150 Net Purchases 58,300 Goods Available for Sale 128,450 Less: Merchandise Inventory, Dec. 31 85,000 Cost of Goods Sold 43,450 Gross Margin 126,650
Ans.
Using the accounts and amounts below, calculate Net Sales: Account Amount Sales Revenue $142,055 Purchase Discounts 1,886 Sales Discounts Sales Returns and Allowances 2,881 2,515 Cost of Goods Sold 40,889
Question: The cost of goods sold as a percentage of net sales revenue is (round your answer to two decimal places). Sales Revenue $420,000 Sales Returns and Allowances 1,400 Sales Discounts Net Sales Revenue Cost of Good Sold a) 62.45% b) 62.58% c) 61.90% d) 62.24% 850 417,750 260,000
Provide correct answer general accounting
Sale Purchases Gross Profit Selling Expense Admin cost Operating Profit a) What is the difference between Mark up and Margin? b) Calculate Mark up (in percentage). c) Calculate Margin (in percentage). GBP 3,000 1,800 1,200 250 150 800
Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?
Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700
gross profit and nett

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial & Managerial Accounting

Accounting

ISBN:

9781285866307

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial & Managerial Accounting

Accounting

ISBN:

9781285866307

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Corporate Financial Accounting

Accounting

ISBN:

9781305653535

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Corporate Financial Accounting

Accounting

ISBN:

9781337398169

Author:

Carl Warren, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Given the following information, what is the gross margin percentage? Sales Sales discounts Sales returns and allowances Transportation-In Cost of goods sold $ 1,29,400 6,100 4,700 5,900 58,800 A. 55.4%. B. 47.8% C. 54.6% D. 50.4%