Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory 40,000 Purchases 80,000 Purchase discounts 3,000 Freight-in 1,000 Ending inventory 30,000 Purchase returns and allowances 2,000 Given the information above, gross margin is Oa. $94,000. Ob. $86,000. c. $114,000. Od. $106,00o.

Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory 40,000 Purchases 80,000 Purchase discounts 3,000 Freight-in 1,000 Ending inventory 30,000 Purchase returns and allowances 2,000 Given the information above, gross margin is Oa. $94,000. Ob. $86,000. c. $114,000. Od. $106,00o.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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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.)
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Lindsey Corporation had the following account balances:Sales revenue $200,000Beginning inventory 40,000Purchases 80,000Purchase discounts 3,000Freight-in 1,000Ending inventory 30,000Purchases returns and allowances 2,000Given the information above, and assuming that Lindsay's total operating expenses (exclusive of the cost of goods sold) are $40,000, pretax income isa. $114,000b. $110,000c. $46,000d. $74,000
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