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Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486,000 Sales discounts 5,000 12,100 Sales returns Gross profit from sales 115,000

Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486,000 Sales discounts 5,000 12,100 Sales returns Gross profit from sales 115,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486, e00 Sales discounts 5, 000 12,100 115,000 23, see Sales returns Gross profit from sales Los Required: a. Calculate the net sales. Net sales b. Calculate the total operating expenses. Total operating expenses c. Calculate the cost of goods sold.
Transcribed Image Text:Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486, e00 Sales discounts 5, 000 12,100 115,000 23, see Sales returns Gross profit from sales Los Required: a. Calculate the net sales. Net sales b. Calculate the total operating expenses. Total operating expenses c. Calculate the cost of goods sold.
c. Calculate the cost of goods sold. Cost of goods sold d. Calculate the gross profit ratio. (Round your final answer to 2 decimal places.) Gross profit ratio Analysis Component: Westlawn experienced a gross profit ratio for the year ended May 31, 2019, of 22%. Is the change in gross profit ratio for the year ended May 31, 2020 favourable or unfavourable as compare to May 31, 2019? Favourable O Unfavourable
Transcribed Image Text:c. Calculate the cost of goods sold. Cost of goods sold d. Calculate the gross profit ratio. (Round your final answer to 2 decimal places.) Gross profit ratio Analysis Component: Westlawn experienced a gross profit ratio for the year ended May 31, 2019, of 22%. Is the change in gross profit ratio for the year ended May 31, 2020 favourable or unfavourable as compare to May 31, 2019? Favourable O Unfavourable
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