For what purpose is the report used? What improvement could be made in this report based upon the reporting principles? example ofreport is shown below:PORTLAND HARDWARESales and Product Gross ProfitOctober 12, 2012Units SoldGross ProfitThisLastIncr.ThisLastIncr.Item IDMonthDescriptionGardenMonth(Decr.)MonthMonth(Decr.)90023(30)(2)G281$2,700$2,500$200(5)Hose870SprinklerLawnG300215055G400Mower30281,2001,400(200)LockingHandleCabinetн1024242002248,4804,0004,480HingesDoor HingeH20192103(11)473745(8)15H202397350340325Exhibit 3. Sample Gross Profit by Product Report

Gross profit refers to Sales less all direct costs involved in production of the products or…

Answered: For what purpose is the report used?…

Business

Accounting

For what purpose is the report used? What improvement could be made in this report based upon the reporting principles?

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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Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000
Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700
docs.google.com Q If the beginning finished goods -9 inventory 90 000 ID, ending finished goods inventory 65 000 ID, overhead expenses 18 000 ID ,cost of goods manufacturing 431 000 ID ,the cost of * -: goods sold is 654 000 ID. 546 000 ID 456 000 ID .00 If the sales revenue 830 000 ID , - 10 sales returns 12 000 ID , sales allowance and discount 28 000 ID ,the net sales is 709 000 ID 790 000 ID 970 000 ID. یالا - غرف الدردشة المجانية )aD( الصوتية المجانية: الدردشة الحية مع أصدقائك تركيب II ..
7.07 O * Asiacell liı. A docs.google.com 3 O 5 O If the net sales 159 150 ID , beginning -1 finished goods inventory 16 5o0 ID „Cost of goods manufactured 121 050 ID, ending finished goods inventory (.. . 9000 ID , the gross profit are 60 600 90 600 O 30 600 O If the prime cost 70 700 ID ,- 2 manufacturing overhead 12 00O ID, beginning work inproces inventory 4
Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 2000 a.OMR 4000 b.OMR 10000 c.OMR 12000 d.OMR 6000
omus A cdn.student.uae.examus.net/?rldbqn3D1&sessi... ACCT101_FEX_2021_2_Male 2 -34 A company reported the following data related to its ending inventory 5ab 95ab Product 95ab Units Per Market Total on Hand Total Market be18 SR1,100 Unit Cost Cost 100 SR10 SR11 SR1,000 В 75 16 1,200 1,050 60 14 95abe18ce 33 13 840 40 780 16 20 640 800 SR3,680 SR3,730 Calculate the lower-of-cost-or-market on the: e33 (a) Inventory as a whole (b) inventory applied separately to each product. MacBook Pro F3 D00 F4 FS 24 F6 F7 50 & 8 A 95abe18ce33
Financial information is presented below: Operating Expenses 91400 Sales Returns and 18400 Allowances Sales Discounts 12700 Sales Revenue 320900 Cost of Goods Sold 173100 The amount of net sales on the income statement would be O $ 302500. O $ 308200. O $ 320900. O $ 289800.
Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Cost of Goods Sold Gross profit would be $89000 25000 11000 290000 157000
The journal entry to record the completion of Job No.114 at a cost of $18,000 would include: * A debit to Work in Process Inventory $18,000 and a debit to Finished Goods Inventory $18,000 A credit to Work in Process Inventory $18,000 and a debit to Finished Goods Inventory $18,000 A debit to Work in Process Inventory $18,000 and a credit to Finished Goods Inventory $18,000 None of the above Goods costing $15,000 were sold for $20,000 on account. The entry to record this transaction would include: * A debit to Accounts Receivable $15,000 and a credit to Sales Revenue $20,000 A debit to Cost of Goods Sold $15,000 and a credit to Finished Goods Inventory $15,000 A debit to Cost of Goods Sold $20,000 and a credit to Finished Goods Inventory $20,000 earch
The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7