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.
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- The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?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. 1,220,000The 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.)
- Return on Sales Ratio Using the data below, compute Dino's return on sales ratio for the month of January. Net Sales Cost of goods sold Operating expenses Other income Income tax expense $10,000 4,000 3,000 5001 1,200What are the following amounts for the year ended 2/1/20: Net Sales _________ Cost of Goods Sold ____________ Gross Margin ____________ Gross Margin Percentage ____________ Operating Income ____________ Net Income ____________Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the cost of goods sold was $3,816,000. a. What was the amount of gross profit?$ b. If total operating expenses were $992,000, could you determine net income? c. Customer Refunds Payable is a(n) account. What is its normal balance? d. Estimated Returns Inventory is a(n) account. What is its normal balance?
- 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.Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). %Gros s marging The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820.
- Using the accounts and amounts below, calculate Income from Operations: Account Amount $173,570 Sales Revenue Net Sales Sales Returns and Allowances Cost of Goods Sold Operating Expenses 102,735 36,023 31,211 34,693For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a. What was the amount of gross profit?b. If total operating expenses were $18,250,000, could you determine net income?c. Is Customer Refunds Payable an asset, liability, or owner’s equity account, and what is its normal balance?d. Is Estimated Returns Inventory an asset, liability, or owner’s equity account, and what is its normal balance?Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold $212,100 Rent expense $30,100 Freight-out 6,010 Sales discounts 7,010 Insurance expense 5,100 Sales returns and allowances 12,010 Salaries and wages expense 55,100 Sales revenue 385,000 Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate Enter the gross profit rate in percentages %