1) Red Co. had gross sales revenue of 1,263,560, cost of goods
sold of 668,625, and...
1) Red Co. had gross sales revenue of 1,263,560, cost of goods
sold of 668,625, and sales returns of 42,416. Calculate Net
Sales
2) Orange Co. had gross sales revenue of 1,388,656, cost of
goods sold of 695,476, and sales returns of 42,985. Calculate the
dollars of gross profit earned.
3) Yellow Co. had gross sales revenue of 1,109,405, cost of
goods sold of 681,768, and sales returns of 41,292. Calculate the
gross margin rate (gross profit rate). Round to...
Sales
$
61,500
Cost of goods
sold
52,400
Gross
profit
$
9,100
operating expenses $15,700...
Sales
$
61,500
Cost of goods
sold
52,400
Gross
profit
$
9,100
operating expenses $15,700
operating loss $6600
a. Rearrange the preceding income statement to
the contribution margin format.
Based on an analysis of cost behavior patterns, it has been
determined that the company's contribution margin ratio is 17%.
0
$0
b. If sales increase by 15%, what will be the
firm's operating income (or loss)? (Do not round
intermediate calculations.)c. Calculate
the amount of revenue required for...
Sale with Right of Return
Berger Company had sales in 2019 of $200,000. The goods sold...
Sale with Right of Return
Berger Company had sales in 2019 of $200,000. The goods sold
cost Berger $125,000. The goods were sold with the right of return.
By the end of 2019, goods having a total selling price of $10,000
had been returned. As of December 31, 2019, Berger expected returns
of another $2,000 (based on selling price) of goods sold in
2019.
All Berger’s goods sell for the same percentage gross
profit.
Required:
Prepare the journal entries Berger...
Cast Iron Grills, Inc., manufactures premium gas barbecue
grills. The company uses a periodic inventory system...
Cast Iron Grills, Inc., manufactures premium gas barbecue
grills. The company uses a periodic inventory system and the LIFO
cost method for its grill inventory. Cast Iron's December 31, 2018,
fiscal year-end inventory consisted of the following (listed in
chronological order of acquisition):
Units
Unit Cost
8,200
$
700
5,600
800
9,200
900
The replacement cost of the grills throughout 2019 was $1,000. Cast
Iron sold 43,000 grills during 2019. The company's selling price is
set at 200% of the...
Problem 6-2A Calculate ending inventory, cost of goods sold,
sales revenue, and gross profit for four...
Problem 6-2A Calculate ending inventory, cost of goods sold,
sales revenue, and gross profit for four inventory methods (LO6-3,
6-8) [The following information applies to the questions displayed
below.] Greg’s Bicycle Shop has the following transactions related
to its top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system. Date
Transactions Units Cost per Unit Total Cost March 1 Beginning
inventory 20 $195 $ 3,900 March 5 Sale ($290 each) 15 March 9...
Requirement 1. Requiremen Compute cost of goods sold and gross
profit using the FIFO inventory costing...
Requirement 1. Requiremen Compute cost of goods sold and gross
profit using the FIFO inventory costing method. Begin by computing
the cost of goods sold and cost of ending merchandise inventory
using the FIFO inventory costing method. Enter the transactions in
chronological order, calculating new inventory on hand balances
after each transaction. Once all of the transactions have been
entered into the perpetual record, calculate the quantity and total
cost of merchandise inventory purchased, sold, and on hand at the...
Swank Clothiers had sales of $458,000 and cost of goods sold of
$321,000.
a. What is...
Swank Clothiers had sales of $458,000 and cost of goods sold of
$321,000.
a. What is the gross profit margin (ratio of gross
profit to sales)? (Do not round intermediate calculations.
Input your answer as a percent rounded to 2 decimal places.)
b. If the average firm in the clothing industry
had a gross profit of 40 percent, how is the firm doing?
Mussa Corporation reports the following data:
Net sales
$270,000
Cost of goods sold
180,000
Gross profit...
Mussa Corporation reports the following data:
Net sales
$270,000
Cost of goods sold
180,000
Gross profit
$90,000
In vertical analysis, the cost of goods sold percentage is
closest to: (Round your final answer to the nearest whole
percentage)