The following information was taken from the financial statements of Sunland Company:     2021     2020   Gross profit on sales   $678,600         $760,000       Income before income taxes   205,400         225,000       Net income   260,000         225,000       Net income as a percentage of net sales   10%     9%   Please show steps to finding answer   Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%)     2021     2020   Cost of goods sold in dollars   $enter a dollar amount      $enter a dollar amount    Cost of goods sold as a percentage of net sales   nter percentages rounded to 1 decimal place %   nter percentages rounded to 1 decimal place

Suppose that the following information is available for Nike Inc. for the current year. Beginning inventory Ending inventory Cost of goods sold Net sales Inventory turnover Days in inventory $10,000 Calculate the inventory turnover, days in inventory, and gross profit rate for Nike Inc. for the current year. (Round gross profit rate to 2 decimal places, e.g. 12.51 and other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Gross profit rate 12,500 80,100 140,000 times days % .

A company reports the following: Line Item Description Amount Cost of goods sold $2,007,500 Average inventory 182,500 Determine (a) the inventory turnover and (b) the days’ sales in inventory. Round your answers to one decimal place. Assume a 365-day year. Line Item Description Answer a.  Inventory turnover   b.  Days’ Sales in Inventory

A company reports the following amounts at the end of the year: Sales revenue Cost of goods sold Net income $ 310,000 210,000 53,000 Compute the company's gross profit ratio. (Round your final answe Gross profit ratio %

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $490,000 $446,000 Cost of merchandise sold 289,100 231,920 Selling expenses 78,400 84,740 Administrative expenses 88,200 75,820 Income tax expense 14,700 22,300 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $490,000 % $446,000 % Cost of merchandise sold 289,100 % 231,920 % % % Selling expenses 78,400 84,740 % Administrative expenses 88,200 % 75,820 % % % Income tax expense 14,700 % 22,300 % % % b. The vertical analysis indicates that the cost of merchandise sold as a percent of sales - by 7 percentage points, while selling expenses by 3…

Revenue and expense data for Young Technologies Inc. are as follows:   Year 2 Year 1 Sales $500,000   $440,000   Cost of merchandise sold 325,000   242,000   Selling expenses 70,000   79,200   Administrative expenses 75,000   70,400   Income tax expense 10,500   16,400     Required: Question Content Area a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc.Comparative Income StatementFor the Years Ended December 31, Year 2 and Year 1   Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent   $- Select - - Select -% $- Select - - Select -%   - Select - - Select - - Select - - Select -   $- Select - - Select -% $- Select - - Select -%   $- Select - - Select -% $- Select - - Select -%   - Select - - Select - - Select - - Select - Total expenses $fill in the blank 86d00500602205c_26 fill in the…

Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on account. The cost of the goods sold is $539,500. What is the amount of the gross profit?$

Presented below is selected information for Bramble Company for the month of March 2022. Cost of goods sold $194, 510 Rent expense $32, 720 Freight - out 7,150 Sales discounts 8, 000 Insurance expense 5, 680 Sales returns and allowances 12, 000 Salaries and wages expense 57, 060 Sales revenue 387,000 complete a multistep income statement

Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales   Cost of goods sold   Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income

Calculate Swifty's gross profit percentage and percentage markup on cost for each fiscal year. (Round answers to 2 decimal places, eg. 52.75.) Percentage gross profit Percentage markup on cost Fiscal 2023 35.74 % 3.43 % Fiscal 2022 36.13 % 5.67 %