Chapter 1, Problem 1.4AP

general account

What is jorge's gain or loss realized on the machine? General accounting

The sales price for a product provides a gross profit of 20% of sales price. What is the gross profit as a percentage of cost? a. 17%. b. 20%. c. 25%. d. Not enough information is provided to determine.

Sub. General Account

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Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 95 $ 40 Mar. 14, 2017 Purchase 164 $ 41 May 1, 2017 Purchase 116 $ 43 The company sold 269 units at $55 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) A. $10954 B. $3841 C. $3534 D. $11261

Quick answer of this accounting questions

Gross profit is equal to: A. sales less cost of merchandise sold. B. sales plus cost of merchandise sold. C. sales less selling expenses. D. sales plus selling expenses.

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