Determining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million. Itsgross profit was $9,191 million. What was the amount of Best Buy's costof goods sold?
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Determining cost of goods sold
For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its
gross profit was $9,191 million. What was the amount of Best Buy's cost
of goods sold?
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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. 1,220,000Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?Determining gross profitDuring the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.
- Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? 12,843,600 b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income?Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe goods sold is $4,698,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report a net income? Explain.
- Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe merchandise sold is $24,206,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report o net income? Explain.Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?CP Jenney Stores generates $13,765,230 in sales, $8,735,429 in net profit, and 25% in gross margin. What percentage of sales is cost of goods sold? Hint: vertical analysis.
- Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.% c. When will the income statement necessarily report a net income?For 2021, Hamilton Company had Sales of $5,700,000 and Cost of Goods Sold of $3,600,000. For 2020, Hamilton Company had Sales of $4,800,000 and Cost of Goods Sold of $2,900,000. a. What was the Cost of Goods Sold as a percent of Sales for 2021? b. What was the Cost of Goods Sold as a percent of Sales for 2020? c. Did Hamilton show improvement from 2020 to 2021? d. Is this an example of horizontal or vertical analysis?! Required information Use the following information to determine the prior year and current year trend percents for net sales using the prior year as the base year. ($ thousands) Net sales Cost of goods sold Current Year Prior Year $ 802,971 394,306 $ 454,365 135,325 Current Year: Prior Year: Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. (Enter the answers in thousands of dollars.) Common-Size Percent for Cost of Goods Sold using Net Sales as the base: Denominator: Numerator: Analysis period cost of goods sold $ $ Check my work 394,306 / 135,325 / $ 454,365 Common-size percents 0 % 29.78 %