Reef Tools had net sales of $1,420,000 and cost of goods sold of $1,090,000 for the year. Calculate gross profit and gross profit ratio.
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- LMN 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.calculate its gross profit.Amaz-a-nation reported the following data for the year just ended: sales revenue, $1,850,000; cost of goods sold, $860,000; cost of goods manufactured, $566,000; and selling and administrative expenses, $183,000. What is Amaz-a-nation's gross margin?
- Determining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million. Itsgross profit was $9,191 million. What was the amount of Best Buy's costof goods sold?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.Gross profit?
- Cupery Co. has net sales of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000. What is its gross profit and its gross profit rate?what was the gross profit?During the year, net sales were $131,000; gross profit was $53,000; net income was $21,500; income tax expense was $5,300; and selling, general, and administrative expenses were $23,500. Required: Calculate cost of goods sold, income from operations, income before taxes, and interest expense. Income Statement Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations Interest expense Income before taxes Income tax expense Net income $ $ $ 131,000 53,000 23,500 5,300 21,500