Homework Answers
| 25% = 25/(100+25) | 20% |
| 30% = 30/(100+30) | 23% |
| 35% = 35/(100+35) | 26% |
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Calculating Gross Profit Percentage Given Percentage of Cost The following are calculations of gross profit as...
Which of the following statements regarding gross profit percentage is not correct? The gross profit percentage...
Which of the following statements regarding gross profit percentage is not correct? The gross profit percentage measures the percentage of profit earned on each dollar of sales. O A decreasing gross profit percentage means that the company is selling products for a greater markup over its cost. O Gross profit percentages vary across industries It is possible for a company to increase both its gross profit percentage and net income without increasing the dollar amount of sales Garcia Company is...
Calculating Gross Profit Margin and Inventory Turnover The following table presents sales revenue, cost of goods...
Calculating Gross Profit Margin and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three retailers of fine jewelry, Tiffany & Co., Zale Corporation, and Blue Nile, Inc. (an Internet retailer). 2013 2012 $4,031 53,794 1,091 1,631 2.327 2.234 (5 millions) Tiffany & Co. Revenues cost of goods sold Inventory Zale Corporation Revenues Cost of goods sold Inventory Blue Nile, Inc. Revenues cost of goods sold Inventory 51.888 $1.867 904 906 768 742...
Calculating Gross Profit Margin and Inventory Turnover The following table presents sales revenue, cost of goods...
Calculating Gross Profit Margin and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three retailers of fine jewelry, Tiffany & Co., Zale Corporation, and Blue Nile, Inc. (an Internet retailer). (5 millions) 2013 2012 Tiffany & Co. Revenues $4,031 $3,794 Cost of goods sold 1,091 1,631 Inventory 2.327 2.234 Zale Corporation Revenues 51,885 51.867 Cost of goods sold 904 906 Inventory 768 742 Blue Nile, Inc Revenues 5450 5400 Cost of goods...
Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the...
Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of gross profit? $ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income? Can you provide step by step. Thank you
Required information PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage...
Required information PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $500,000 a. Sold merchandise for cash (cost of merchandise $224,350) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost...
What is the revenue and gross profit? Required information (The following information applies to the questions...
What is the revenue and gross profit?
Required information (The following information applies to the questions displayed below.) In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows: ear-end Cost incurred during the year Estimated costs to complete as o Billings during the year Cash collections during the year 2018 $2,059,000 5,041,000 2,190,000 1,895,000 2019 $2,627,000...
Need help with income statement (corrected) and compute the gross profit percentage for each year before...
Need help with income statement (corrected) and compute the gross
profit percentage for each year before and after the correcrion.
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,700,000 1,241,000 $ 459,000 2016 $2,100,000 1,512,000 $588,000 2017 $2,200,000 1,628,000 $ 572,000 2018 $2,700,000 1,971,000 $ 729,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $17,000. The Inventory...
Determining gross profit During the current year, merchandise is sold for $8,560,000. The cost of the...
Determining gross profit During the current year, merchandise is sold for $8,560,000. The cost of the goods sold is $6,077,600. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. What is the amount of the gross profit? Round your answer to the nearest dollar. a. $ 2,482,400 b.Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole...
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method....
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the...
Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following...
Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following data is given for Volcano Technology. Beginning inventory Purchases Sales Gross profit percentage $ $ $ 275,000 1,850,000 2,600,000 40% of sales Requirement Compute Volcano Technology's estimated cost of ending inventory by using the gross profit method. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values...
Which of the following statements regarding gross profit percentage is not correct? The gross profit percentage measures the percentage of profit earned on each dollar of sales. O A decreasing gross profit percentage means that the company is selling products for a greater markup over its cost. O Gross profit percentages vary across industries It is possible for a company to increase both its gross profit percentage and net income without increasing the dollar amount of sales Garcia Company is...
Calculating Gross Profit Margin and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three retailers of fine jewelry, Tiffany & Co., Zale Corporation, and Blue Nile, Inc. (an Internet retailer). 2013 2012 $4,031 53,794 1,091 1,631 2.327 2.234 (5 millions) Tiffany & Co. Revenues cost of goods sold Inventory Zale Corporation Revenues Cost of goods sold Inventory Blue Nile, Inc. Revenues cost of goods sold Inventory 51.888 $1.867 904 906 768 742...
Calculating Gross Profit Margin and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three retailers of fine jewelry, Tiffany & Co., Zale Corporation, and Blue Nile, Inc. (an Internet retailer). (5 millions) 2013 2012 Tiffany & Co. Revenues $4,031 $3,794 Cost of goods sold 1,091 1,631 Inventory 2.327 2.234 Zale Corporation Revenues 51,885 51.867 Cost of goods sold 904 906 Inventory 768 742 Blue Nile, Inc Revenues 5450 5400 Cost of goods...
Required information PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $500,000 a. Sold merchandise for cash (cost of merchandise $224,350) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost...
What is the revenue and gross profit?
Required information (The following information applies to the questions displayed below.) In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows: ear-end Cost incurred during the year Estimated costs to complete as o Billings during the year Cash collections during the year 2018 $2,059,000 5,041,000 2,190,000 1,895,000 2019 $2,627,000...
Need help with income statement (corrected) and compute the gross
profit percentage for each year before and after the correcrion.
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,700,000 1,241,000 $ 459,000 2016 $2,100,000 1,512,000 $588,000 2017 $2,200,000 1,628,000 $ 572,000 2018 $2,700,000 1,971,000 $ 729,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $17,000. The Inventory...
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the...
Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following data is given for Volcano Technology. Beginning inventory Purchases Sales Gross profit percentage $ $ $ 275,000 1,850,000 2,600,000 40% of sales Requirement Compute Volcano Technology's estimated cost of ending inventory by using the gross profit method. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values...
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