Question

In 2018, Cross Company incurred cost of goods sold of $58,125 on gross sales revenue of...

In 2018, Cross Company incurred cost of goods sold of $58,125 on gross sales revenue of $87,592. Sales returns during the year totaled $7,473 and sales discounts were $1,752. What was Cross’s gross profit % for 2016?

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Answer #1
Cross Company Incurred COGS = 58125
Gross Revenue = 87592
Sales Returns = 7473
Sales Discounts = 1752
Particulars Amount Particulars Amount
COGS 58125 Gross Revenue 87592
Sale Discounts 1752 Less: Sales Returns -7473
Gross Profit 20242
Total 80119 Total 80119
Gross Profit % = Gross Profit / Net Sales Revenue
= 20242 / (87592 - 7473) = 25.2649%
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