Blake Distributors had a beginning inventory for June of $100,000. They purchased $25,000 in goods during the month. Their income from sales was $200,000 with $10,000 in returns. Their ending inventory was $30,000. Their operating expenses were $50,000. What was the net sales? What was the gross profit?

Q: Gross profit of  Company amounted to 175,000. Beginning Inventory totaled 250,000. Ending Inventory…

A: Formula: Cost of Goods sold = Beginning inventory + Net purchases - Ending Inventory.

Q: Sheridan Inc. had beginning inventory of $13,200 at cost and $22,000 at retail. Net purchases were…

A: The ending inventory is the cost of goods that remains unsold at the end of the accounting period.…

Q: In August​, Designs sold 520000 of​ merchandise; all sales were in cash. The cost of sales for…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold…

A: Introduction: Gross profit: Deduction of cost of goods sold value from the sales value derives the…

Q: Assume that the Bubba Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of…

A: Gross profit: It can be defined as the excess of a company's sales revenue over the cost of goods…

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: Need Help please provide

A: Step 1: What is Sales:Sales are the primary activity on which the company can earn a profit. There…

Q: Net sales are $80,000, cost of goods sold is $30,000, net income is $35,000, inventory is $15,000 at…

A: Inventory turnover ratio computes the number of days the company will take to sell the inventory in…

Q: Markle's Inc. had the following transactions during the year: total sales = $610,000; sales…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: For the year, your company's sales are $305,000, the gross profit is $250,000, and ending inventory…

A: Gross profit = Net sales - Cost of goods sold where, Cost of goods sold = Beginning inventory + Net…

Q: Company XYZ has the following information:   Beginning Inventory: $20,000   Purchases: $50,000…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: JKL Company’s sales are $1,000,000 and the Cost of Sales is $400,000 The beginning and ending…

A: Formula: Inventory turnover ratio = ( Cost of sales / Average inventories ) x 100 Average inventory…

Q: Mac's Hardware's gross profit on sales is 40%. At the beginning of January, the cost of inventory…

A:

Q: What is the amount of gross sales for the current year? GREEN Enterprises reported the following…

A: Gross sales can be calculated by adding up sales returns and allowances to the net sales. Net sale…

Q: During the current year, merchandise is sold for $175,700 cash and $654,900 on account. The cost of…

A: Income statement is one of the financial statements that shows profitability, total revenue and…

Q: Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts…

A: The net sales are the sales calculated after adjusting sales discount, sales return and allowance,…

Q: Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: What is the amount of gross profit?

A: Given information is: During the current year, the merchandise is sold for 45,870, 000. The cost of…

Q: Please answer in tipping format

A: Req 1A: Taxes for Regis CompanyTax January 8 Earnings Subject to Tax Tax Rate Tax AmountFICA-Social…

Q: The Happy Auto Shop has the following annual information: Gross Sales, $700,000; Net Sales,…

A: COST OF GOODS SOLD   Cost of goods sold is the total amount your business paid as a cost directly…

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

Q: B&O Companies has sales of $740,000 and cost of goods sold of $380,000. The firm had a beginning…

A: Sales = $740,000Cost of goods sold = $380,000Beginning inventory = $58,000Ending inventory =…

Q: Wayne's Wells has sales for the year of P48,900 and an average inventory 21 of P8,800. The cost of…

A: Days Sales Inventory = 365* Average Inventory/ Cost of goods sold

Q: Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month…

A: Formula: Net Sales = Total sales - sales returns. Deduction of sales returns from total sales…

Q: a. EFG reports annual sales of $ 30 million. Annual costs of goods sold is $ 15 million. Inventory…

A: Inventory refers to the goods or items which are stored by the business either for selling or for…

Q: On January 1, Veltron International has inventory worth $599,900 at cost. At the end of the year,…

A: Inventory turnover is the number of times inventory is sold and replaced during the year. It…

Q: During the current period, Gleason Technology records total sales of $850,000, with a cost of…

A: Calculate  net sales for the Gleason Technology during the current period:

Q: The gross sales of Store C were $3,475,000. The customer returns were $31.700. What were the net…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: ending invento sales in inver

A: First of all, found the Inventory Turn Over Ratio ITOR = Cost of Goods Sold / Average Inventory  If…

Q: cost of goods sold and gross profit rate would be

A: The cost of goods sold is all the direct cost incurred by the company for making the product.

Q: uring the current year, Peach Industries' reports sales of $184,000 and an average Odays. The…

A: Introduction:- The following formula used to calculate gross margin percentage as follows:- Gross…

Q: What was Paloma Company's approximate inventory turnover ratio if the beginning inventory was…

A: gross profit = sales - the cost of goods sold   given that, sales = $60000 gross profit = $22000…

Q: sing the financial information presented below:             Operating Expenses  $ 55,000…

A: Answer 1) Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales…

Q: Cushman Company had $820,000 in sales, sales discounts of $12,300, sales returns and allowances of…

A: Income statement is one of the financial statement that shows profitability, total revenue and…

Q: The following income statement appears in the financial report of MERCADO Company for the year…

A: The contribution margin is calculated as difference between sales and variable costs. The break even…

Q: Solve this one

A: Answer to Part a.Net Sales  = Sales  - Sales discounts-  Sales returns and allowancesNet Sales =…