cost account Nikkel Corporation, a merchandising company, reported the followingresults for July:SalesCost of goods sold (all variables)$ 4,52,000$1,76,500Total variable selling expense$ 26,400Total fixed selling expense$ 21,400Total variable administrative expense$ 12,900Total fixed administrative expense$ 30,700The gross margin for July is

Step 1: Definition of Gross MarginThe gross margin represents the difference between sales revenue…

Answered: Nikkel Corporation, a merchandising…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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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. 1,220,000
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Apitong Company made two different schedules of gross income for the quarter ended September 30: Problem 11-10 (IAA) in SPome for the quarter ended September 30: al Schedule 1 Schedule 2 Sales (P100 per unit) Cost of goods sold 2,800,000 1,169,000 2,800,000 1,157,500 Gross income 1,631,000 1,642,500 The computation of cost of goods sold in each schedule is based on the following data: Units Unit cost Total cost Beginning inventory - July 1 Purchase - July 25 Purchase - August 25 Purchase - September 5 Purchase - September 25 10,000 8,000 5,000 7,000 12,000 40.00 42.00 41.30 43.00 42.50 400,000 336,000 206,500 301,000 510,000 Available for sale 42,000 1,753,500 Required: Identify the inventory cost method used in preparing the two schedules of gross income.
Calip Corporation, a merchandising company, reported the following results for October: Sales Cost of goods gold (all variable) Total variable selling expense Total fixed selling expense $490,000 $169,700 $24,200 $21,700 Total variable administrative expense $13,200 Total fixed administrative expense $33,600 The gross margin for October is: a) $320,300 b) $434,700 c) $282,900 d) $227,600
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Muscat company, reported the following results for January: Number of units 10,000 Selling price $10 Total Variable selling expense $7,000 Total Variable administrative expense $10,000 Total fixed selling expense $20,000 Total fixed administrative expense $8,000 Merchandise Beginning $5,000 Merchandise Purchase $50,000 Merchandise Ending $10,000 Based on traditional income statement Muscat company’s net profit will be?

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