1.)
Gross profit = net sales - cost of goods sold
= 147000 - 80000
= $ 67,000
2.)
Gross profit rate = (gross profit / net sales) x 100
= (67000/147000) x 100
= 45.57 %
*** If you are satisfied with the solution, kindly UPVOTE ? this answer. Thank You.
ALL THE BEST
CALCULATOR BACK NEXT Question 15 Ivanhoe Co has net sales of $147,000, cost of goods sold...
US Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT ES Question 18 For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) that is needed to correct the misstatement. If an item could result in more than one type of adjusting entry, indicate each of the types. (a) Assets are understated. (b) Liabilities are overstated. > (c) Liabilities are understated. > Part...
u Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Do It! Review 23-3 The standard cost of product 5252 includes 1.90 hours of direct labor at $10.90 per hour. The predetermined overhead rate is $22.00 per direct labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $11.20 per hour and $81,800 of manufacturing overhead costs. It produced 2,000 units. (a) Compute the total, price, and quantity variances for labor Total labor variance...
CALCULATOR PRINTER VERSION BACK NEX Brief Exercise G-15 Ivanhoe Company is about to issue $293,200 of 6-year bonds paying an 8% interest rate, with interest payable semiannually. The discount rate for such securities is 12% Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) In this case, how much can Ivanhoe expect to receive from the sale of these bonds? (Round answer to 0 decimal places, e.g. 2,575.)...
Question 5 The following information is available for Marigold Corp.: Sales Cost of goods sold $660000 460000 Total fixed expenses Total variable expenses $150000 410000 A CVP income statement would report O contribution margin of $250000. O gross profit of $200000. O contribution margin of $510000. O gross profit of $250000. Click if you would like to Show Work for this question: Open Show LINK TO TEXT
CALCULATOR PRINTER VERSION BACK NE Exercise 6-12 The following information is available for Blue Spruce Corp. for three recent fiscal years. 2017 2016 2015 Inventory $545,441 $570,212 $333,435 Net sales 1,953,922 1,736,880 1,290,976 Cost of goods sold 1,564,507 1,305,5339 44,111 Calculate the inventory turnover, days In Inventory, and gross profit rate for 2017 and 2016. (Round invento places, 125 and gross profit rate to I decimal place, .. 5.29.) o 1 decimal place, e.g. 5.2, days in Inventory to o...
CALCULATOR PRINTER VERSION <BACK NEXT Brief Exercise 3-08 The trial balance of Beowulfwhich may require adjustment. Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and the related account in the adjusting entry. Account Type of Adjustment Related Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment > Interest Payable Uneared Service Revenue Click if you would like...
CALCULATOR PRINTER VERSION BACK NEXT Exercise 185 Gordon Manufacturing earned net income of $100,000 during 2015. The company wants to earn net income of $40,000 more during 2016. The company's fixed costs are expected to be $147,000, and variable costs are expected to be 30% of sales. Determine the required sales to meet the target net income during 2016, Required sales Fill in the dollar amounts for the summary income statement for 2016 below, based on your answer to part...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 24-5 Bruno Corporation is involved in the business of injection molding of plastics. It is considering the purchase of a new computer-aided design and manufacturing machine for $432,400. The company believes that with this new machine it will improve productivity and increase quality, resulting in an increase in net annual cash flows of $99,282 for the next 6 years. Management requires a 10% rate of return on all new investments. Click here...
Brief Exercise 5-14 Sheffield Corp. reported net sales $900,000; cost of goods sold $585,000; operating expenses $236,250; and net income $76,500. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin Gross profit rate Click if you would like to Show Work for this question: Open Show Work
CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION (BACK NEXT Exercise 12-8 (Video) Pierre's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $271,000. A new salon will normally generate annual revenues of $64,015, with annual expenses (including depreciation) of $41,200. At the end of 15 years the salon will have a salvage value of $80,000. Calculate the annual rate of return on the project. Annual rate of return...