Net sales for the year were $980,000. The cost of goods sold was $735,000. Calculate the gross profit and gross profit ratio.
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- 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. 1,220,000LMN Industries reported net sales of $1,750,000 for the year. The cost of goods sold was $1,365,000. a. Calculate the gross profit and the gross profit ratio for the year.During the current year, merchandise is sold for $589,000. The cost of merchandise sold is $266,360. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales).
- During the current yearA company reported total sales of $220,000 and cost of goods sold (COGS) of $135,000. Calculate the gross profit.Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?
- ABC Corporation had net sales of $2,000,000 for the year, and the cost of goods sold was $1,550,000. a. Calculate the gross profit and the gross profit ratio for the year.Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe goods sold is $4,698,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.During the current year, merchandise is sold for $175,700 cash and $654,900 on account. The cost of the goods sold is $614,600. What is the amount of the gross profit?
- Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?During the current year, merchandise is sold for $589,000. The cost of merchandise sold is $266,360. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). Solve the problemWhat was gross profit percentage?