1. The jewelry department had net sales of $10,000. Operating expenses were 43% of the sales....
1. The jewelry department had net sales of $10,000. Operating expenses were 43% of the sales. Cost of goods sold was $550. What is the profit/loss for the department?
Homework Answers
Girss margin = Net sales - Cost of goods sold = 10,000 - 550 = 9,450
Expenses = 43% of 10,000 = 4,300
Profit/Loss = Gross margin - Expenses = 9450 - 4300 = $ 5150
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