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Selected accounts of a Company are listed below:    Cash...................................$8,500 Sales Revenue....................580,000 Sales Discount.......................4,200 Sales Return and...

Selected accounts of a Company are listed below:

   Cash...................................$8,500

Sales Revenue....................580,000

Sales Discount.......................4,200

Sales Return and Allowances .12,100

   Inventory.............................84,200

Rent Expenses......................45,000

Advertising Expenses.............21,500

Salary Expense.....................17,200

Cost of Goods Sold...............295,000

What is the Gross Profit Margin for the company above? (Not all accounts will be used)
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Answer #1
  • All working forms part of the answer

A

Sales revenue

$        580,000.00

B

Sales Discount

$             4,200.00

C

Sales return & Allowances

$           12,100.00

D = B+C

$          16,300.00

E = A - D

Net Sales

$        563,700.00

F

Cost of Goods Sold

$        295,000.00

G = A - F

Gross Profit margin

$        285,000.00

H = (G/E) x 100

Gross Profit margin %

50.56%

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