Homework Answers
| May company | Reed company | |
| 1.Sales revenue | 90,000 | 107,000 |
| 2.Sales returns | 3,00 | 5,000 |
| 3.Net sales | 87,000 | 102,000 |
| 4.Cost of goods sold | 56,000 | 60,500 |
| 5.Gross profit | 31,000 | 41,500 |
| 6.Operating expenses | 15,000 | 26,500 |
| 7.Net income | 16,000 | 15,000 |
Gross profit rate = Gross Profit/Net sales
May company = 31,000/87,000 =35.6%
Reed company = 41,500/102,000 =40.7%
Formulas used :-
Net sales = Sales - Sales returns
Gross profit = Net sales - Cost of Goods Sold
Net income = Gross Profit - Operating expenses
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