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...

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Please given correct answer general accounting
General accounting question please provide correct answer
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
can you please solve it
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Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
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 $182,000 ??? 11,900 170,100 Net Sales Cost of Goods Sold Merchandise Inventory, Jan. 1 70,150 Net Purchases 58,300 Goods Available for Sale 128,450 Less: Merchandise Inventory, Dec. 31 85,000 Cost of Goods Sold 43,450 Gross Margin 126,650
Ans.
Use the following selected Information from Letterman Corporation to determine the Year 1 and Year 2 common size percentages for cost of goods sold using Net sale Year Year Net sales Cost of goods sold 2$ 538,600 $4 436,200 223,900 135,830 Operating expenses Net earnings 81,640 78,680 41,260 29,260 Multiple Choice 123.5% for Year 2 and 100.0% for Year 1. 7.7% for Year 2 and 6.7% for Year 1. 56.7% for Year 2 and 49.2% for Year 1. 176.3% for Year 2 and 203.3% for Year 1. 41.6% for Year 2 and 31.1% for Year 1.
Determining Gross Profit During the current year, merchandise is sold for $863,000. The cost of the goods sold is $647,250.
In accountinf for sales discounts, most companies use the a. Allowance method b. Gross price method c. Discounted price method d. Net price method
Calculator Based on the following data for the current year, what is the inventory turnov Sales on account during year $463,344 Cost of merdhandise sold during year 155,318 Accounts receivable, beginning of year 41,563 Accounts recelvable, end of year 52,925 Merchandise inventory, beginning of year 33,500 Merchandise inventory, end of year 41,246 Оа. 16.6 ОБ. 3.2 Oc. 12.4 Od. 4.2

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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%