If net sales is $373,000 and cost of goods sold is $223,800, what is the gross profit and gross margin percentage?
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If net sales is $373,000 and cost of goods sold is $223,800, what is the gross profit and gross margin percentage?
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- Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…Financial information is presented below: Operating expenses Sales returns and allowances 3000 Sales discounts Sales revenue Cost of goods sold The gross profit rate would be 0.40. 0.60. 0.44. $ 45000 0.38. 8000 180000 101000If a retailer bought n numbers of goods at P price each, he sold each good at a rate r marked up on the selling price. Describe how to find the selling price and the gross margin for each good. How is the gross margin used in sales?
- Fill in the missing amounts. Sales revenue Sales returns and allowances (a) Net sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) Pharoah Company $102,000 97,000 65,960 16,490 (d) $ (e) (f) Wildhorse Company 6,200 118,000 40,120 20,060You have the following information for Wildhorse Gems. Wildhorse uses the periodic system of accounting for its inventory transactions. Wildhorse only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 31 March 5: March 10- March 25 Beginning inventory 150 diamonds at a cost of $320 per diamond. Purchased 200 diamonds at a cost of $360 each. Sold 180 diamonds for $630 each. Purchased 350 diamonds at a cost of $385 each. Sold 395 diamonds for $680 each.Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A $ 11,010 4,900 10,310 7,530 220 $ 1,710 $ Case B 6,590 15,240 10,900 $ 1,500 (570) $ Case C $ 3,840 9,340 13,180 $ 6,040 4,360 520 1,160
- Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000The following transactions pertain to Year 1, the first-year operations of Rooney Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,900 cash by issuing common stock. 2. Paid $660 for materials used to produce inventory. 3. Paid $1,900 to production workers. 4. Paid $1,078 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $106 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 190 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP.A company reported the following: Cost of Goods Sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances What is the amount of gross profit? Multiple Choice $108,360 $98,950 $121,000 $203, 200 53,120 3,920 16,500 26,080 292,000 3,040 2,640
- You have the following information for Kingbird Diamonds. Kingbird Diamonds uses the periodic method of accounting for its inventory transactions. Kingbird only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 3 March 5 March 10 March 25 Beginning inventory 180 diamonds at a cost of €368 per diamond. Purchased 240 diamonds at a cost of €420 each. Sold 224 diamonds for €720 each. Purchased 420 diamonds at a cost of €464 each. Sold 480 diamonds for €780 each.Sales Sales discounts Sales returns and allowances Cost of goods sold Carrier $ 165,000 4,000 17,000 95,760 Net sales Gross profit Gross margin ratio Carrier Lennox $ 850,000 19,500 6,000 507,892 Complete this question by entering your answers in the tabs below. (a) Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. (b) Which company has the better gross margin ratio? Lennox Trane $ 53,000Hh1. calculate net sales, cost of goods sold and gross profit from sales
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