Walker tv appliances reported the following provide answer accounting questions Walker TV and Appliances reported the following in its 2016 financial statements:2021Sales $420,000Cost of goods sold:Inventory, January 182,000Net purchases 340,000Goods available for sale 422,000Inventory, December 31 86,000Cost of goods sold 336,000Gross profit $84,000Walker's 2016 gross profit ratio is:A. 25%B. 19%C. 20%D. None of the above

Step 1: Define Gross Profit MarginGross profit represents the difference between the sales revenue…

Answered: Walker TV and Appliances reported the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.8MCP

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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. 1,220,000
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Targee Inc. has the following income statement (in mulons). Targee, INC. Income Statement For the Year Ended December 31, 2020 Net Sales $3,300 Cost of Goods Sold 2.280 Gross Profit 1,950 Operating Expenses 45 Net Income $1.905 Using vertical analysis, what percentage is assigned to Cost of Goods Sold? a. 70% b. 6996 c. 100% d. None of these
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The following balances are taken from the Statement of Comprehensive Income of JR Bellen Trading. 2016 2017 2018 Sales 180,000 a 193,000 Sales Returns and Allowances 12,000 4,000 3,200 Sales Discounts 3,500 6,800 b Net Sales 41,200 d. Merchandise Inventory, Beg. 8,600 f e Purchases 137,900 31,240 125,000 Purchase Returns 3,200 g 15,400 Freight-In 5,600 9,800 5,700 Merchandise Inventory, End 10,200 19,000 h Cost of Goods Sold i 125,800 Gross Profit k 10,560 63,500 Required: Compute for the missing amounts
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Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Sales $ 2,260 $ 1,979 $ 1,801 $ 1,651 $ 1,540 $ 1,432 $ 1,174 Cost of goods sold 1,625 1,322 1,137 995 925 865 689 Gross profit 635 657 664 656 615 567 485 Operating expenses 483 378 347 256 222 219 182 Net income $ 152 $ 279 $ 317 $ 400 $ 393 $ 348 $ 303 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Assets Cash $ 111 $ 147 $ 153 $ 156 $ 162 $ 160 $ 165 Accounts receivable, net 800 840 760 583 514 487 343 Merchandise inventory 2,893 2,106 1,840 1,551 1,393 1,183 858 Other current assets 74 67 41 74 62 63 33 Long-term investments 0 0 0 228 228 228 228 Plant assets, net 3,541 3,527 3,086 1,740 1,799 1,599 1,373 Total assets $ 7,419 $ 6,687 $ 5,880 $ 4,332 $ 4,158 $ 3,720 $ 3,000 Liabilities and…
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