You are given the information below and you are requested to answer the following questions (keep your calculations at a side paper because you might need them to answer other questions also):Beginning finished goods, 1/1/2019 $ 90,000Ending finished goods, 31/12/2019$ 77,000Cost of goods sold$ 270,000Sales revenue $ 500,000Operating expenses $ 155,000Question: What is gross margin for 2019?

Formula: Gross margin = [ ( Sales revenue - cost of goods sold ) / sales revenue ] x 100 Deduction…

Answered: You are given the information below and…

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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You are given the information below and you are requested to answer the following questions (keep your calculations at a side paper because you might need them to answer other questions also):

Beginning finished goods, 1/1/2019	$ 90,000
Ending finished goods, 31/12/2019	$ 77,000
Cost of goods sold	$ 270,000
Sales revenue	$ 500,000
Operating expenses	$ 155,000

Question: What is gross margin for 2019?

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