A-Rod Fishing Supplies had sales of $2,860,000 and cost of goods sold of $1,930,000. Selling and...
A-Rod Fishing Supplies had sales of $2,860,000 and cost of goods
sold of $1,930,000. Selling and administrative expenses represented
11 percent of sales. Depreciation was 6 percent of the total assets
of $4,090,000.
What was the firm’s operating profit?
Homework Answers
| Sales | 2,860,000 |
| Less:Cost of goods sold | 1,930,000 |
| Gross profit | 930,000 |
| Less:Selling and administrative expenses(2,860,000*11%) | 314600 |
| Less:Depreciation(4,090,000*6%) | 245400 |
| Operating profit | $370,000 |
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