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Q11. Fill in the blank cells in the table with the correct numbers 2017 2018(Projected) Sales...

Q11. Fill in the blank cells in the table with the correct numbers

2017

2018(Projected)

Sales

$27,500,000

Cost of Good Sold

$15,435,000

Gross Margin

$10,175,000

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Answer #1

2017 cost of goods sold will be computed as follows:

= Sales - gross margin

= $ 27,500,000 - $ 10,175,000

= $ 17,325,000

As a percentage of sales cost of goods sold is

= $ 17,325,000 / $ 27,500,000

= 63%

So 2018 sales will be

= Cost of goods sold / 0.63

= $ 15,435,000 / 0.63

= $ 24,500,000

So the gross margin will be

Sales - cost of goods sold

= $ 24,500,000 - $ 15,435,000

= $ 9,065,000

Feel free to ask in case of any query relating to this question

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