Question: 76 A company had sales of $718,000 and cost of goods sold of $372,000. Calculate its gross profit.
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- Calculate it's gross profit? General accountingWhat was gross profit percentage??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?
- 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.Solve this questionsDetermining 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?
- Answer pleaseGeneral accounting questionAssume that Whispering Winds Company has cost of goods purchased of $478,300, beginning inventory of $66,700, ending inventory of $90,400, and sales of $770,100.Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $