(a) Net Sales = $ Gross Sales - $ Customer Returns= $583,260 - ($583,260 x 8.65%)= $583,260 - $50,452= $532,808(b) Cost of Merchandise Sold % = Net Sales% - Gross Margin%= 100.00% - 51.65%= 48.35%(c) Cost of Merchandise Sold = $ Net Sales x Cost of Merchandise Sold%= $532,808 x 48.35%= $257,613(d) Gross Margin = $ Net Sales - $ Cost of Merchandise Sold= $532,808 - $257,613= $275,195(e) Profit = $ Gross Margin - $ Expenses= $275,195 - $251,870= $23,325Corresponding Percent:() Expense % = $ Expenses + $ Net Sales= $251,870 + $532,808= 47,27%(g) Profit % = $ Profit + $ Net Sales= $23,325 + $532,808= 4.38%Practice Problems • Exercise 3.21. Determine net sales if gross sales were $98,656 and customer retuns were 4.8%.2. Net sales were $126,810; customer returns totaled $6,080. Calculate customer returns percent.3. Gross sales were $236,438; net sales were $224,176. Determine customer return percent.4. Last week, Ms. Smith had gross sales of $986.35. Her customer returns totaled $112. Calculate theof sales returned.Back to page 8

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Cornerstones of Financial Accounting

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Chapter12: Fainancial Statement Analysis

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Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
You are given the following: Sales: ₱10,158,841; Cost of sales: ₱4,583,846; Merchandise Inventory, beginning: ₱207,222; Merchandise Inventory, end: ₱258,265; Other income: ₱155,930; and Operating expenses: ₱3,035,563. How much is net income?
Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.% c. When will the income statement necessarily report a net income?
If net sales is $373,000 and cost of goods sold is $223,800, what is the gross profit and gross margin percentage? Please avoid image based answers thank you
Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report a net income? Explain.
Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe merchandise sold is $24,206,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report o net income? Explain.

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1. Determine net sales if gross sales were $98,656 and customer returns were 4.8%. 2. Net sales were $126,810; customer returns totaled $6,080. Calculate customer returns percent. 3. Gross sales were $236,438; net sales were $224,176. Determine customer return percent.