Rose Corporation's gross profit in 2023 was $800,000. If the cost of goods sold was 75% of sales, sales must have been A. $1,600,000 B. $2,400,000 C. $3,200,000 D. $4,000,000
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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. 1,220,000If Swifty Corporation has net sales of $515000 and cost of goods sold of $365000, Swifty gross profit rate is 71%. 41%. 100%. 29%.ff1
- Blossom Corp. has annual sales totaling $1146000 and an average gross profit of 20% of cost. What is the dollar amount of the gross profit? $286500. $171900. $229200. $191000.Net Sales?MBI Incorporated had sales of $35 million for fiscal 2022. The company's gross profit ratio for that year was 26%. Required: a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2022. b. Assume that a new product is developed and that it will cost $469 to manufacture. Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2022. c. From a management viewpoint, it could use the estimated selling price as a "target" in conducting marketing research studies to assess its ultimate prospects for success at this price. Complete this question by entering your answers in the tabs below. Required A Required B Required C From a management viewpoint, it could use the estimated selling price as a "target" in conducting marketing research studies to assess its ultimate prospects for success at this price.
- The following comparative information is available for Blossom Company for 2025. LIFO FIFO Sales revenue $89,000 $89,000 Cost of goods sold 37,000 29,000 Operating expenses (including depreciation) 27,000 27,000 Depreciation 10,000 10,000 Cash paid for inventory purchases 20,750 20,750 (a) Determine net income under each approach. Assume a 30% tax rate. LIFO Net income $ FIFOThe following comparative information is available for Larkspur, Inc. for 2022. LIFO FIFO Sales revenue $91,000 $91,000 Cost of goods sold 40,000 31,600 Operating expenses (including depreciation) 27,000 27,000 Depreciation 10,000 10,000 Cash paid for inventory purchases 18,920 18,920 Determine net income under each approach. Assume a 30% tax rate. Net income $ LIFO FIFO Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. Net cash provided by operating activities LIFO FIFO $ Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) LIFO Quality of earnings ratio FIFOCompany X reports $200,000 in sales of Widgets in 2019. The Costs of Goods sold for these Widgets is $90,000. All other operating expenses (SG&A, R&D, Depreciation, Other, etc.) are $50,000. Which of the following is the correct representation of the profitability ratios: Gross Profit Margin 45%, Operating Margin 30%. Gross Profit Margin 55%, Operating Margin 30%. Gross Profit Margin 45%, Operating Margin 20%. Gross Profit Margin 55%, Operating Margin 20%.
- During 2020, Bramble Co. generated revenues of $102000. The company’s expenses were as follows: cost of goods sold of $41000, operating expenses of $16000 and a loss on the sale of equipment of $2700.Bramble’s gross profit is $42300. $45000. $102000. $61000.Sales is 160% of Cost of Goods Sold. The company had a profit after tax of (40,000). If tax rate is 20%, and operating expenses is 50,000. Compute for the following: Sales, Cost of Goods Sold, Gross Profit, Net Income Before Tax, and Income Tax Expense. ANSWER ASAP PLEASE!Crane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income Statement