Assume Tamarisk, Inc. has the following reported amounts: Sales revenue $1,509,600, Sales returns and allowances $44,400,...
Assume Tamarisk, Inc. has the following reported amounts: Sales revenue $1,509,600, Sales returns and allowances $44,400, Cost of goods sold $976,800, and Operating expenses $325,600.
(a) Compute net sales.
(b) Compute gross profit.
(c) Compute income from operations.
(d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.)
Homework Answers
| Net Sales= Sales Revenue- Sales Return Allowance |
| =$1509600-44400= $14,65,200 |
| Gross Profit= Net Sales- COGS |
| = $14,65,200-$976800=$4,88,400 |
| Income From Operation= Gross profit- Operating Expense |
| = $4,88,400-$3,25,600=$1,62,800 |
| Gross Profit Rate= Gross Profit/ Net Sales |
| =$488400/$14,65,200=33.3% |
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Assume Tamarisk, Inc. has the following reported amounts: Sales
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Do It! Review 5-06
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94,800
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Operating expenses
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Net income
$ 13,000
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Determine the company’s gross profit rate and profit margin for
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2022
2021
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enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
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Do It! Review 5-06
Tamarisk, Inc. reported the following in its 2022 and 2021
income statements.
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$128,000
Cost of goods sold
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Operating expenses
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both years. (Round answers to 1 decimal place, e.g.
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2021
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enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
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