The gross margin for July??? Nikkel Corporation, a merchandising company, reported the followingresults for July:Sales$407,000Cost of goods sold (all variable)$173,400Total variable selling expense$20,400Total fixed selling expense$22,200Total variable administrative expense $14,800Total fixed administrative expense$39,700The gross margin for July is:a. $233,600b. $345,100c. $198,400d. $136,500

Step 1: Definition of Gross MarginGross margin is the amount of revenue a company retains after…

Answered: Nikkel Corporation, a merchandising…

Principles of Accounting Volume 2

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Chapter4: Job Order Costing

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

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1. Bulk Wholesalers took in $378,800 in sales during July. They started the month with inventory worth $173,800 and spent $292,900 on new purchases during the month. Gross margin on sales was 76%. Using the gross profit method, estimate the cost value of the inventory at the end of July. A. $90,912 B. $292,900 C. $375,788 D. $466,700 2.Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2007: Gross Sales, $161,000; Sales Returns and Allowances, $9,600; Sales Discounts, $15,600; Merchandise Inventory, January 1, 2011, $52,500; Merchandise Inventory, December 31, 2011, $62,500; Net Purchases, $84,300; Freight In, $3,000; Salaries, $94,300; Rent, $29,800; Utilities, $2,245; Insurance, $3,250; and Income Tax, $19,100. A. $58,500 B. $77,300 C. $129,595 D. $135,800
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