The choices are 160K, 432K, 592K and 642K How much is the total realizedgross profit in 20x2?BUCOLIC RURAL Co. uses the "installment sales method." Information on BUCOLIC'stransactions during 20x1 and 20x2 is shown below:20x22,400,0001,320,0001,080,00020x1Installment sales2,000,000Cost of sales1,200,000Gross profit800,000Cash collections from:20x1 sales800,000400,00020x2 sales960,000160,000432,000592,000642,000

Computation of gross profit rates based on sales: 20×1 20×2 Gross profit 800,000 1,080,000…

How much is the total realized gross profit in 20x2? BUCOLIC RURAL Co. uses the "installment sales method." Information on BUCOLIC's transactions during 20x1 and 20x2 is shown below: 20x1 20x2 Installment sales 2,000,000 2,400,000 Cost of sales 1,200,000 1,320,000 Gross profit 800,000 1,080,000 Cash collections from: 20x1 sales 800,000 400,000 20x2 sales 960,000 160,000 432,000 592,000 642,000

How much is the total realized gross profit in 20x2? BUCOLIC RURAL Co. uses the "installment sales method." Information on BUCOLIC's transactions during 20x1 and 20x2 is shown below: 20x1 20x2 Installment sales 2,000,000 2,400,000 Cost of sales 1,200,000 1,320,000 Gross profit 800,000 1,080,000 Cash collections from: 20x1 sales 800,000 400,000 20x2 sales 960,000 160,000 432,000 592,000 642,000

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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