cost account Nikkel Corporation, a merchandising company, reported the followingresults for July:SalesCost of goods sold (all variable)Total variable selling expenseTotal fixed selling expenseTotal variable administrative expenseTotal fixed administrative expenseThe gross margin for July is$4,02,800$1,69,100$ 17,100$14,200$ 7,600$ 30,100

Step 1: Given Data:Sales: $402,800Cost of Goods Sold (COGS): $169,100Total Variable Selling Expense:…

Answered: Nikkel Corporation, a merchandising…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Wright & Boyle Inc. had the following income statement for the month of May: Sales revenue $470,800.00 Cost of goods sold 217,766.40 Gross margin $253,033.60 Less: Selling expenses 86,199.20 Administrative expenses 74,942.80 Operating income $91,891.60 What was the selling expense percent?
A company reported the following information for the month of July: Net sales $ 57,500 Cost of goods sold 33,200 Required: Calculate this company's gross margin ratio.
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.
Erin international, a merchandising company, reported the following results for July. Cost of Goods Sold 285,141 Fixed selling and administrative expense 49,989 Sales Revenue 518,234 Variable selling and administrative expense 87,514 This question is independent of all other questions. Please use only the information in this question to calculate the answer. Based on the information provided above, calculate the gross margin for July. Cost of goods sold is a variable cost in this company. Enter only the amount of the gross margin in the box provided below. Enter the amount only. Do not enter letters, words, or the calculation.
Using the data below, compute lan's gross profit percentage for the month of January. Net Sales Cost of goods sold Operating expenses Other income Income tax expense $12,000 3,000 7,000 500 1,000 Round answer to the nearest whole percentage.
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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Bolka Corporation, a merchandising company, reported the following results for October: Sales $ 477,000 Cost of goods sold (all variable) $ 176,000 Total variable selling expense $ 19,900 Total fixed selling expense $ 24,000 Total variable administrative expense $ 10,400 Total fixed administrative expense $ 36,800 The gross margin for October is: $209,900 $301,000 $416,200 $270,700
Gros s marging The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820.
Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage.
FInd the Weighted average cost per unit

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