Concord Co., with annual net sales of $5,060,000, maintains a markup of 25% based on cost. Concord’s expenses average 14% of net sales. What is Concord’s gross profit and net profit in dollars?
Homework Answers
Total cost = $5,060,000 / 1.25 = $4048000
Interest Expenses = $5,060,000*14% = $708400
Direct expense = 4048000 - 708400 = $3339600
Gross profit = Sales - direct expense = $5,060,000- 3339600 = $1720400
Net profit = 1720400 - 708400 = $1012000
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