Assume Kader Company has the following reported amounts: Sales revenue $510,000
Brief Exercise 5-10
Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000, Cost of goods sold $330,000, and Operating expenses $110,000.
(a) Compute net sales.
Net sales = $_______
(b) Compute gross profit.
Gross profit = $_______
(c) Compute income from operations.
Income from operations = $_______
(d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.29.)
Gross profit rate = $_______
Homework Answers
|
Net Sales = Sales - returns and allowances = 510,000-15,000 = 495,000 |
|
Gross profit = Net sales - Cost of Goods Sold = 495,000-330,000 = 165,000 |
|
Income from operations = Gross Profit - Operating expenses = 165,000-110,000 = 55,000 |
|
Gross profit rate = Gross Profit/net sales = 165,000/495,000 = 33.3% |
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