Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…
A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…
Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…
A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.
Q: Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying…
A: The ratio analysis helps to analyze the financial statements if the business.
Q: he sales of Super Store for the month is P 80,756.00. Beg Ending inventory is amounting to P…
A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: Using the following information, what is the amount of gross profit? Purchases $32,000 Selling…
A: Given that, Purchases = $32,000 Beginning merchandise inventory = $5,700 Ending merchandise…
Q: Assuming that net purchases was P900,000 during the year and that ending merchandise inventory was…
A: Ending inventory = beginning inventory - decrease in inventory = P250000 - P20000 = P230,000
Q: The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30. How…
A: Purchase discount is a discount provided by the seller if payment is made within a specific period…
Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…
A: Gross Profit = Total Sales less Cost of Goods Sold
Q: e current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods…
A: Gross profit is the profit which is arrived at by deducting cost of goods sold from Total net sales.…
Q: Following are data foE Net sales $5,365,000 Cost of sales, and related buying costs Accounts…
A: The ratio analysis helps to analyze the financial statements of the business.
Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…
A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…
Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…
A: Gross profit:Gross profit can be defined as the profit generated from deducting the cost of goods…
Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…
A: Gross Profit is Sales minus Cost of Goods Sold
Q: During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…
A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…
Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…
A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…
Q: The following information is available for Jisoo Company for the current year: Net Sales…
A: Cost of goods sold = sales - gross profit = 3600000-3600000*40% = 2,160,000
Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…
A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…
Q: From the following data, compute net sales. Sales $537,000 Sales returns and allowances 6,315 Sales…
A: given Sales $537,000Sales returns and allowances 6,315Sales discounts 715Net sales: $
Q: The ABC Boutique had the following information at June 30, 20X1: Purchases, P180,000…
A: >Gross Profit is the excess of Net Sales over Cost of Goods Sold. >Also, if we deduct the…
Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…
A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold
Q: I see that the answer is 61.5%. But I want to know is how do I solve for the answer, what is it that…
A: The formula to calculate net sales is given below:
Q: question
A: The gross profit can be referred to as the profit which the company makes after subtracting all the…
Q: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…
A: The cash or profit that is still available after production costs are deducted from sales is known…
Q: SCC Corporation sells its merchandise at a gross profit of 30%. if the total sales are P 1,200,000…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: is sold for $173,900 cash and $467,700
A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…
Q: Nizwa Company had the cost of goods sold of $ 160,000 and inventory balance was $23,000. What is the…
A: Inventory turnover ratio = cost of goods sold / average inventory
Q: What was the amount of Best Buy’s cost of merchandise sold
A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…
Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…
A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: ory is $10,000. the merchandise purchases are $110,000, and the ending merchandise inventory is…
A: Solution: Cost of goods sold = beginning inventory + purchases - ending inventory
Q: A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are…
A: The net cost of goods sold if payment made within discount period is 78,400 Net Cost of Goods…
Q: During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of…
A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…
Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: A retailer’s total sales are $1,000,000 and the gross margin percentage is 60%. Thebeginning and…
A: Financial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,…
Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…
A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…
Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution: Gross margin is computed as Net sales minus cost of goods sold.
Q: During the current year, merchandise is sold for $117,500 cash and $241,750 on account. The cost of…
A: Working Notes: 1. Total Sales of current year = Cash Sales of current year + Credit Sales of current…
Q: During the current year, merchandise is sold for $925000. The Gross Profit is $411000. What is the…
A: Gross profit = Sales - Cost of merchandise sold
Q: Computing Net Sales Based on the following information, compute net sales. Gross sales $3,860 Sales…
A: Given: Gross sale =$3860Sales returns and allowances =$410Sales discounts =$80
Q: Given the following partial income statement informatic Sales $40,000 Less: Sales discounts (a)…
A: Net sales = Sales - Sales Discount - Sale return and allowances Sales Discount = Sales - Sale…
Q: Assume the following information: merchandise is sold on account to customer for P120,000, FOB…
A: Under FOB Shipping arrangement, the responsibility of seller is to deliver the goods to the shipping…
Q: During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost…
A: Gross profit refers to that part of the profit of the company that it makes after subtracting the…
Q: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…
A: Gross profit is considered as the difference between total sale and cost of goods sold.In simple…
Q: if merchandise is sold on account to a customer for 1,000 terms fob shipping point 1/10, n/30, and…
A: Discount for early payment is allowed when the customer pays off an amount in a given time period as…
Q: A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business…
A: COGS stands for Cost of goods sold which is defined as the direct cost of producing the goods sold…
A retailer ordered merchandise totaling 127,115.23 with terms 2.5%/10 net 40. what is the effective rate or return?
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)The rate of markup on cost on a product selling at $66.45 is 41%. a. What is the cost of the product to the retailer? Round to the nearest cent b. What is the rate of markup on selling price? % Round to two decimal placesThe rate of markup on cost on a product selling at $64.50 is 45%. What is the cost of the product to the retailer? What is the rate of markup on selling price?
- Calculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 4000, Return outwards 2000, Purchases 5000.A company buys on terms of 2/12, net 28. What is its nominal costof trade credit? (46.6%) The effective cost? (58.5%)Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?
- If merchandise sold for $3,500, with terms of 3/15, n/45, and the cost of the merchandise sold is $2,100, the amount credited to sales is .... Group of answer choicesAssume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?A retailer ordered merchandise totaling $128,115.23 with terms 3.5%/10 net 40. What is the effective rate of return? Assume there are 365 days in a year.
- If merchandise sells for $3,500, with terms 3/15.n/45 , and the cost of the inventory sold is $2,100, the amount charged to sales under the net method of recording sales discounts is?Retailer X buys a product at $1.75 per unit and plans to sell the item for $3.29 per unit. Calculate the Margin on an (A) COST Basis or (B) RETAIL basisCalculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 4000, Return outwards 2000, Purchases 5000. a. OMR 6000 b. OMR 5000 c. OMR 2000 d. OMR 4000
