Hello tutor provide correct answer Tulsa Corporation reported the following data:Freight in$20,000Sales returns$10,000Purchases205,000Purchase returns6,000Beginning inventory 50,000Sales revenue490,000Purchase discounts 4,000Ending inventory40,000Tulsa's gross profit percentage is:a. 47.9%.b. 52.1%c. 53.1%.d. 54.0%.

Step 1: Define Gross ProfitGross profit is the difference between the sales revenue of a company and…

Answered: Tulsa Corporation reported the…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Trapper Corporation reported the following data: Freight in Purchases $27,000 Dividends $9,000 202,000 Purchase returns 6,700 Sales revenue 400,000 Ending inventory 47,000 Beginning inventory 57,000 Purchase discounts 4,700 Trapper's gross profit percentage is: A. 61.9%. B. 56.9%. C. 43.1%. D. 42.1%.
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What is iron's gross profit percentage?
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Anthony Corporation reported the folowing amounts for the year Net sales $296, 000 Cost of goods sold Average inventory 138, e00 50,000 Anthony's gross profit ratio is Mole Choce 53
Palangga Company provided the following information for the current year: Beginning inventory 400 000 Freight in 300,000 Purchase returns 900,000 Ending inventory 500,000 Distribution Cost 1,250,000 Sales discount 250,000 The cost of goods sold is six times the distributions costs. What is the amount of gross purchases? a. 6,500,000 b. 6,700,000 c. 8,000,000 d. 8,200,000
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16. Given the following information, calculate the gross margin %: Cost $144,900.00 $345,000.00 Retail opening inventory gross purchases $101,200.00 $220,000.00 returns to vendors $11,500.00 $25,000.00 $2,000.00 freight additional markup $3,000.00 $2,000.00 CMU = net transfers out $9,200.00 %3D total merch handled cost % = net sales $275,000.00 markdowns $35,000.00 markdown cancellations $5,000.00 employee discounts $3,000.00 total retail deductions closing book inventory gross cost of merch sold $2,500.00 $6,000.00 alterations costs cash discounts net cost of merch sold gross margin $ gross margin %
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.9. Corrigan’s cost of goods sold for the period isa. $63,000.b. $77,000.c. $85,000.d. $79,000.
Langga Company provided the following information for the current year: Beginning inventory 400 000 Freight in 300,000 Purchase returns 900,000 Ending inventory 500,000 Distribution Cost 1,250,000 Sales discount 250,000 The cost of goods sold is six times the distributions costs. What is the amount of gross purchases?

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