34) A company has net sales of $638,100 and cost of goods sold of $465,813. What...

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34) A company has net sales of $638,100 and cost of goods sold of $465,813. What is the companys gross profit percentage? (R

business accounting

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Answer 1

Answer #1

(1)

OPTION D: 27%

EXPLANATION:

Gross profit percentage = (net sales - cost of goods sold)/net sales

= ($638100 - $465813)/$638100

= 27%

(2)

OPTION B: Both the balance sheet and the income statement

EXPLANATION:

inventory is to be taken on both the balance sheet and income statement. It is taken in the income statement to calculate cost of good sold and it is taken on balance sheet to be shown as a part of current assets.

(3)

OPTION D: Art gallery paintings

EXPLANATION:

art gallery paintings don’t have similar values at all. They cost way too much different from each other. There for a specific identification method is the most appropriate for them

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Answer 2

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