Question

Financial information is presented below: Operating expenses $ 23000 Sales returns and allowances 9000 Sales discounts...

Financial information is presented below: Operating expenses $ 23000 Sales returns and allowances 9000 Sales discounts 4000 Sales revenue 174000 Cost of goods sold 99000 The gross profit rate would be?

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Answer #1

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Gross Profit rate = 39%
Workings:
Sales revenue = $       1,74,000
Less: Sales return and allowances = $             9,000
Less: Sales discount = $             4,000
Net Sales = $       1,61,000
Less: Cost of goods sold = $           99,000
Gross Profit = $           62,000
Gross Profit rate = Gross Profit / Net Sales
= $62000 / $161000
= 38.51%
or 39% rounded off
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