Accounting solution and question Highland Appliances buys refrigerators for $450 and sells them for$675. Calculate the gross profit margin on these refrigerators.a) 33.33%b) 40%c) $225d) 50%

Step 1: Definition of Gross Profit MarginGross Profit Margin is a profitability ratio that shows the…

Answered: Highland Appliances buys refrigerators…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.5DC

See similar textbooks

Similar questions

a. For how much does Nicolas Appliance Center sell an electric fan? 2. Nicolas Appliance Center has purchased electric fans for Php 800 eac The electric fans are marked up 48% of the selling price. b. What is the rate of markup based on cost?
Gross profit of $1.25 on each sale ? General accounting
Calculate COGS
Home Depot sells a couch for $250.50. The dollar amount of markup on the couch is $95.72. Round all dollar values to two decimal places and percentages to two decimals (i. e 34.56%). a. What is the cost to Home Depot? [1 pt] b. What is the markup on selling percentage? 1pt
6) Lucy's Spa and Salon Services Company estimates that it costs $38,000 annually to carry their inventory of supplies. The cost consists of 10% for storage and handling; 15% for interest; and 3% for taxes and insurance. What is the value of Lucy's Spa and Salon Services Company inventory? (Lesson 8)
Ace Landscape buys 100 shovels for $15 each. Ace sells all 100 shovels at $30. What is the profit made by Ace? (profit = sales - cost) Group of answer choices $1,400 $1,500 $1,600 $3,000
Want help
What would be the list price for the recliner? General accounting
Answer this question
Refer to the following data of Good Food Snack House (in the photo) _____22. What is their Cash Conversion Cycle if their Operating Cycle is 135 days?A. 104 days B. 105 days C. 106 days D. 107 days _____23. What is the Average Inventory of Good Food Snack House?A. Php 1,067,570 B. Php 1,607,057 C. Php 1,765,070 D. Php 5,017,657
Homoward Hardware buys cat liter for $6 less 20% per bag. The store's overhead is 45% of cost and the owner requires a profit of 20% of cost (a) (b) (c) (d) (e) (7) For how much should the bags be sold? What is the amount of markup included in the selling price? What is the rate of markup based on selling price? What is the rate of markup based on cost? What is the break-even price? What operating profit or loss is made if a bag is sold for $7 509
5. If the markup on a washing machine is 53% based on selling price, what is the corresponding percent markup based on cost? 6. A vacuum cleaner sells at $202.91. If the percent markup based on cost is 48%, how much is the cost of the vacuum cleaner? Round off answer to the nearest dollar.

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

Highland Appliances buys refrigerators for $450 and sells them for $675. Calculate the gross profit margin on these refrigerators. a) 33.33% b) 40% c) $225 d) 50%