Answered: If sales = $1,000 and COGS = $600, and…

If sales = $1,000 and COGS = $600, and operating expenses = $100, the gross profit percentage would be: a. 50%. b. 40%. c. 20%. d. 10%.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

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

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Ans plz

A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…

Q: need help this questions

A: Step 1: Definition of Variable ExpenseA variable cost is an expense that varies in direct proportion…

Q: Sycamore Corp. bases its manufacturing overhead budget on budgeted direct labor hours. The direct…

A: Explanation of Manufacturing Overhead Budget: Manufacturing overhead budget is a detailed plan of…

Q: Determine the maturity value of the note on these financial accounting question

A: Step 1: Definition of Maturity ValueThe Maturity Value of a note is the total amount to be paid at…

Q: Can you please give me correct answer this financial accounting question?

A: Step 1: Define Required Return on a New ProjectThe Required Return on a New Project is the expected…

Q: Subject = general Account

A: Step 1: Definition of Manufacturing Overhead ApplicationManufacturing Overhead Applied is calculated…

Q: 4 POINTS

A: Calculation of Contribution per unitContribution per unit = Selling Price - Variable Cost = $120 -…

Q: On January 1 of the current year (Year 1), CVX acquired a delivery van for $68,000. The estimated…

A: Explanation of Units of Production Method: This is a depreciation method that allocates the asset's…

Q: none

A: Step 1: Calculate the predetermined overhead rate based on the given manufacturing costs:…

Q: general accounting

A: Step 1: Definition of Degree of Operating Leverage (DOL)The degree of operating leverage (DOL)…

Q: Determine the predetermined overhead rate for the year 2021?

A: Step 1: The predetermined Overhead rate is the rate at which overhead is applied to the products…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of Gain on Sale of Business PropertyThe gain on the sale of a business property…

Q: Need help with this question solution general accounting

A: Step 1: Definition of Net Cash Flow in Discounted Cash Flow AnalysisNet cash flow in discounted cash…

Q: What are the budgeted purchases for the first quarter?

A: Step 1: Definition of Budgeted Purchases Budgeted Purchases represents the amount of inventory that…

Q: What are the current liabilities of this financial accounting question?

A: Step 1: Define Current LiabilitiesCurrent Liabilities represent a company's short-term financial…

Q: variable cost per machine hours?

A: Step 1: Definition of High-Low MethodThe high-low method is used to estimate variable and fixed…

Q: Hy teacher give me solution please

A: To calculate the return (in percent) of the stock market that day, we use the formula: Return(%)…

Q: Solve this Accounting problem

A: Explanation of Total Assets:Total assets refer to the combined value of everything a company owns,…

Q: Given true answer general Accounting

A: Detailed ExplanationStep-by-Step Solution to Determine JK's Gross Profit PercentageStep 1:…

Q: help me to solve this questions

A: Step 1: Definition of Cost of Goods Manufactured (COGM)The Cost of Goods Manufactured (COGM)…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…

Q: Asking this problem to right expert. solve it.

A: To calculate the variable cost per mile of fuel:High-Mileage Month (August):Fuel Cost = $3,000Miles…

Q: Usses the high low method to analyze costs

A: Explanation of High-Low Method:The High-Low Method is a cost estimation technique used to determine…

Q: MCQ

A: Concept of PostingPosting is the process of transferring financial data from the general journal to…

Q: Financial accounting

A: Step 1: Define Cash CollectionCash collection refers to the inflow of cash received from customers…

Q: general accounting

A: Dividend yield = Dividend per share/Market price per shareDividend yield = 2.20/50Dividend yield =…

Q: abc general accounting

A: Given:Direct Labor: $540,000Direct Materials: $223,000Factory Overhead: $148,000Calculations: 1.…

Q: Hello tutor please help me

A: Step 1: Definition of Asset Turnover RatioThe asset turnover ratio is an efficiency metric that…

Q: accounts age of period ?

A: Step 1: Definition of Cash Conversion Cycle (Cash Cycle)The Cash Conversion Cycle (CCC) measures the…

Q: Provide correct answer of this question answer general Accounting

A: Step 1: Calculation of initial investmentInitial Investment = Number of Shares × Initial Price per…

Q: Can you help me with accounting questions

A: Step 1: Definition of Net IncomeNet income is the profit of a company after deducting all expenses,…

Q: What is the unit product cost using variable costing?

A: Detailed explanation: Solution to the QuestionGiven InformationProduction and Sales DataTotal units…

Q: cost and revenue characteristics:

A: Step 1: Definition of Profit Margin RatioProfit Margin RatioThe profit margin ratio measures how…

Q: what is the price-to-earnings (p/E) ratio? answer plz

A: The Price-to-Earnings (P/E) ratio is calculated using the formula: P/E=Stock Price/Earnings Per…

Q: Help

A: QUESTION 1 PLEASE NOTE: Please clarify with your examiner which predetermined overhead should be…

Q: ans

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a financial metric used to…

Q: Hello tutor please help me this question

A: Step 1: Given Value for Calculation Profit Margin Ratio = pmr = 7% Asset Turnover Ratio = atr = 2.5…

Q: Sol This question answer

A: Step 1: Definition of Standard CostStandard cost is an estimated cost assigned to direct materials,…

Q: Please help me

A: Price/Cash Flow ratio = Price per share/Cash flow per share8 = Price per share/3Price per share =…

Q: Need help this question

A: Given Data:Principal (P): $35,000Annual Interest Rate (r): 8.40% = 8.40/100 = 0.084Loan Term (n): 4…

Q: I want to correct answer general accounting question

A: Given:Points gained = 425.85Closing value = 38,425.60 Previous close = 38,425.60 - 425.85…

Q: The degree of operating leverage is closest to:

A: Step 1: Definition of Overhead AllocationOverhead allocation refers to the process of distributing…

Q: Need answer general Accounting

A: The Holding Period Return (HPR) is the total return on an asset or investment over the period for…

Q: can you please solve this

A: Step 1: Definition of Cost of Goods Sold (COGS) Using Gross Profit MethodThe Gross Profit Method is…

Q: can you please solve this

Q: Choose one of the Learning Objectives for this course and tell how you achieved it over the past 6…

A: I came up with this answer based on my own understanding, so I just reflected on it myself. Please…

Q: Get correct answer general accounting question

A: Step 1: Definition of Cost of Unused CapacityCost of unused capacity represents the cost of…

Q: What is the total amount of cash paid for operating activities?

A: Step 1:Cash Flow Statement:-Cash Flow Statement is the statement prepared at the end of accounting…

Q: General Accounting question

A: Step 1: Define Total ReturnTotal return refers to the overall gain or loss generated from an…

Q: Do fast answer of this accounting questions

A: The after-tax cost of interest is calculated as follows: After-tax interest cost = Annual interest…

Question

Can you please solve this issue

If sales = $1,000 and COGS = $600, and operating expenses =
$100, the gross profit percentage would be:
a. 50%.
b. 40%.
c. 20%.
d. 10%.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
A product has a sales price of $150 and a per-unit contribution margin of $50. What is the contribution margin ratio?
Division A of Kern Co. has sales of $350,000, cost of goods sold of $200,000, operating expenses of $30,000, and invested assets of $600000. What is the return on investment for Division A? A. 20% B. 25% C. 33% D. 40%
During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000, 000. What is the sales margin?
Profit margin, investment turnover, and ROI Briggs Company has operating income of 36,000, invested assets of 180,000, and sales of 720,000. Use the DuPont formula to compute the return on investment and show (A) the profit margin, (B) the investment turnover, and (C) the return on investment.
During the current year. Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. What is the sales margin?
If current assets are $112,000 and current liabilities are $56,000, what is the current ratio? A. 200 percent B. 50 percent C. 2.0 D. $50,000
If a firm has a contribution margin of $78M90 and a net income of $13,700 for the current month, what is their degree of operating leverage? 0.21 1.21 2.4 5.7
What would be the net income for Floress Catering? a. 45,500 b. 16,800 c. 19,800 d. 10,800
If a firm has a contribution margin of $59,690 and a net income of $12,700 for the current month, what is their degree of operating leverage? A. 0.18 B. 1.18 C. 2.4 D. 4.7
Suppose a company finds that shipping cost is 3,560 each month plus 6.70 per package shipped. What is the cost formula for monthly shipping cost? Identify the independent variable, the dependent variable, the fixed cost per month, and the variable rate.
If current assets are $100,000 and current liabilities are $42,000, what is the working capital? A. 200 percent B. 50 percent C. 2.0 D. $58,000