solve this account problems and choose true options Nikkei Corporation, a merchandising company, reported the followingresults for July.SalesCost of goods sold$ 4,94,000$ 1,75,600Total variable selling expense$ 23,500Total fixed selling expense$23,000Total variable administrative expense$ 10,000Total fixed administrative expense$ 34,800The gross margin for July is:A. $284,900B. $227,100C. $436,200D. $318,400

Step 1: Define Gross MarginThe gross margin measures the difference between sales revenue and cost…

Answered: Nikkei Corporation, a merchandising…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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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. 1,220,000
A company reported the following information for the month of July: Net sales $ 57,500 Cost of goods sold 33,200 Required: Calculate this company's gross margin ratio.
Wright & Boyle Inc. had the following income statement for the month of May: Sales revenue $470,800.00 Cost of goods sold 217,766.40 Gross margin $253,033.60 Less: Selling expenses 86,199.20 Administrative expenses 74,942.80 Operating income $91,891.60 What was the selling expense percent?
Using the data below, compute lan's gross profit percentage for the month of January. Net Sales Cost of goods sold Operating expenses Other income Income tax expense $12,000 3,000 7,000 500 1,000 Round answer to the nearest whole percentage.
1. Bulk Wholesalers took in $378,800 in sales during July. They started the month with inventory worth $173,800 and spent $292,900 on new purchases during the month. Gross margin on sales was 76%. Using the gross profit method, estimate the cost value of the inventory at the end of July. A. $90,912 B. $292,900 C. $375,788 D. $466,700 2.Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2007: Gross Sales, $161,000; Sales Returns and Allowances, $9,600; Sales Discounts, $15,600; Merchandise Inventory, January 1, 2011, $52,500; Merchandise Inventory, December 31, 2011, $62,500; Net Purchases, $84,300; Freight In, $3,000; Salaries, $94,300; Rent, $29,800; Utilities, $2,245; Insurance, $3,250; and Income Tax, $19,100. A. $58,500 B. $77,300 C. $129,595 D. $135,800
Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage.
Company A sold merchandise for $171,000 cash during July. Returns that month totaled $3,600. If the company's gross profit rate is 40%, the company will report monthly net sales revenue and cost of goods sold of O $167,400 and $100,440. O $171,000 and $100,440. $171.000 and $102,600. O $167,400 and $66,960
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31e Cash Accounts receivable Inventory E Building and equipment, net Accounts payable Retained earnings $7.300 $38,400 $ 124,898 $22,800 $ 150,000 316-999 a. The gross margin is 25% of sales. b. Actual and budgeted sales data March (actual) May July בוה 21 11 $ 48,498 $69-898 94,000 $45,898 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase, the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows: commissions, 12% of sales, rent, $2,100 per…
What is the gross margin?
A seller of goods had the following data during the month.Total Sales Invoice (billed price) Php 224,000Gross receipts, including VAT 201,600Sales returns and allowances, billed price 11,200Input VAT 12,000 How much is the VAT payable?
1. DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory 500 $40 $20,000 Purchased Apr. 30 600 45 27,000 Purchased Aug. 15 650 40 26,000 Purchased Dec. 10 700 35 24,500 Totals (goods available) 2,450 97,500 Ending Inventory 550 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using…
Bargain Merchandisers has the following transactions for the month of July. Net Sales Revenue $419,000 Cost of Goods Sold 300,000 Operating Expenses 85,000 Interest Revenue 6,000 Calculate Gross Profit. A. $119,000 B. $40,000 C. $28,000 D. $34000

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