Q: a. Net sales b. Cost of goods sold C. Gross profit on sales
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Q: Under the LIFO cost flow assumption during a period ofinflation, which of the following is false? A.…
A: Inflation and cost of goods sold - a company selling goods during periods of inflation will see an…
Q: On a multiple-step income statement, the excess of net sales over the cost of merchandise sold is…
A: Net sale is the amount of revenue that has been earned by the an entity after deducting returns and…
Q: How to calculate the gross profit for merchandise business? A. Total Sales minus all the operating…
A: The Gross profit is the excess of revenue over the cost of goods sold. It is the amount available…
Q: 1. Indicate the effects on gross profit the changes in volume, unit selling price, and unit cost.…
A: Gross profit is calculated by reducing the cost of goods sold from sales revenue. Thus, sales price…
Q: Net sales minus cost of good sold is equal to cost of ending inventory. T/F
A: The ending inventory is the amount of inventory left with business at year end.
Q: In the Excel, or spreadsheet, approach to recording financial transactions, the cost of goods sold…
A: The question is based on the concept of financial modeling by the use of excel or spreadsheet. The…
Q: Pre b. To determine sales revenue d. Inventory does not affect net income To determine cost of goods…
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Q: 4. (A) Which of the following transactions would cause net income for the period to be understated…
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Q: How is Income from Operations determined? A) Net Sales - Selling Expenses - Administrative Expenses…
A: Net sales - Cost of goods sold = Gross profit
Q: ow much is the total net revenue? ow much is the total net profit from the operation ow much is the…
A: As per rule, allowed to answer one question and post the remaining in the next submission.
Q: P/V Ratio is an indicator of [A] the rate at which goods are sold [B] the volume of sales [C] the…
A: P/V ratio also known as profit volume ratio is a ratio that determines the amount of profit attained…
Q: Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and…
A: Gross profit is the company's profit after deducting the unit cost of goods from sales. Gross profit…
Q: Gross income derived from business shall be equivalent to gross sales less sales returns, discount…
A: Sales return: when the sold item being returned by the customer to the seller. It is known as sales…
Q: Problem 10 Indicate the effects of the following errors on cost of goods sold and net income.
A: Cost of Goods sold = Opening stock + Purchases - Closing stock Net income = Sales - Cost of goods…
Q: operating income is: a- net sales less cost of goods sold b- earning before interset and tax c-…
A: Operating income is that income which is computed by subtracting all the operating expenses from the…
Q: Gross income derived from business shall be equivalent to gross sales less sales returns, discount…
A: Formula: Gross income = Net sales - cost of goods sold Deduction of cost of goods sold from Net…
Q: Which of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales…
A: Sales revenue: It refers to the money earned by the business from selling its services and products…
Q: Gross profit from sales is the difference between
A: Gross profit means the excess of revenue against the cost of good sold from the operating activity…
Q: Based on the account balances above, calculate Net sales Cost of goods sold Gross profit/loss Other…
A: Net sales means the sales of company less sales returns. Cost of goods sold means the direct cost of…
Q: Which of the following may not result to the amount of cost of sales? a.Net purchases less net…
A: Solution- COGS can be calculated in three steps that culminate in one formula. Or, to put it…
Q: The increase (decrease) in gross profit due to change in overall quantity sold is:
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Q: In a period of rising prices,a. cost of goods sold under LIFO will be less than under FIFO.b. gross…
A:
Q: s it always higher in cost of goods sold in Weighted average compared to FIFO?
A: Inventory and cost of goods sold can be value on the basis of FIFO or LIFO basis. In LIFO , cost of…
Q: The equation for Gross Profit is "Gross Profit = Revenues - Cost of Goods." Which of the following…
A: Gross income is direct income of a business generated from direct revenues of the company. It is an…
Q: S1 - Net income remains the same when revenue is treated as other income, additional revenue,…
A: Solution : Concept Net income is calculated after deducting all the expenses incurred from all the…
Q: Indicate the effects on gross profit the changes in volume, unit selling price, and unit cost. Write…
A: Selling price and sales volume have a direct relationship with the Gross profit i.e. increase in…
Q: 1. What is the cost of goods available for sale? 2. What is the gross profit?
A: Cost of goods available for sale includes beginning inventory and net cost of purchases made. Gross…
Q: amount of cost of sales?
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Payable turnover is a measure of cost ot goods sold and accounts payable. Select one: O True False
A: Payable turnover ratio is calculated as follows - cost of goods sold / average accounts payable
Q: What is the term applied to the excess of revenue from sales over the Cost of Merchandise Sold? a.…
A: Revenue from sales represents the amount of revenue recognized from the sales made during a…
Q: 1. Which of the following assumptions is false in a cost-volume-profit analysis? Total sales and…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: When a company decides to sell its goods on credit, it should evaluate the effect on profit of…
A: An inflow of money either from sales or services by doing business activities is called revenue. It…
Q: Sales revenue min a. gross margin income from c b. C. cost of goods d. net sales
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: Which of these expressions is correct? (A Profit plus operating expenses = sales B all of these are…
A: The gross profit is calculated as difference between sales and cost of goods sold. The net income…
Q: Which of the following expressions is incorrect? Gross profit – operating expenses = net…
A: Income statement: It can be defined as a financial statement that shows all the profits earned or…
Q: Gross profit is the gross sales price charged for the goods sold A.True B.False
A: Gross profit means the profit earned by selling the goods without considering the indirect expenses…
Q: 7. Consider the following: Code: A= Gross Profit to Net Sales Ratio B= Gross Profit to Cost of Goods…
A: Gross profit ratio can be calculated on the basis of net sales ratio or cost of goods sold ratio.
Q: Gross profit is: The amount left over after cost of goods sold is subtracted from net sales. A.Net…
A: Introduction:- Income statement shows company's income and expenses over a period of time.…
Q: Are all the relationships below correct? Sales is equal to Production (no change in inventory) No…
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: Which of the following statement is False for a Simple-Step Income Statement? a. Total expenses…
A: An income statement is one of the financial statements of a company which is prepared at the end of…
Q: Compute the gross margin for FIFO method and LIF0 method. FIFO: LIFO: Sales revenue Less: Cost of…
A: Sales revenue has to be calculated by multiplying units sold (785 units) to the retail rate…
Q: cost of merchandise sold? S What is the term applied to the eXcess of net revenue from sales over…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: 3. As product costs expire(expensed), they become part of a. selling expenses. b. inventory. C. cost…
A: Product cost is used in manufacture of a product. The examples of product cost are: Labor cost ,…
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- Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 1801. Given this information, what is the profit percent? Format your answer to two decimal places and add a %-sign (i.e. 4.52%) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 2. Given this information, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 4. Given the information below, what is the profit percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 5. Given the information below, what are…Answer the following: 1. How much is the net purchases? 2. How much is the "change in inventory" in 20x1? 3. How much is the cost of goods sold? 4. How much is the total selling expense? 5. How much is the total general and administrative expense?
- 1.Given a particular set of factsand assumptions, the following pairs of amounts were computed using FIFO andLIFO. For each pair of amounts, indicate which amount resulted from applyingFIFO, and which amount resulted from applying LIFO. A. Prices are rising, ending inventory is:$20,650$19,400B. Prices are rising, cost of goods sold is:$10,650$9,400C. Prices are falling, ending inventory is:$5,500$5,000D. Prices are falling, cost of goods sold is:$6,200$7,0007. I do not understand how to find the dollar amounts for these questions with the numbers given: Compute the $ based on these percentages Net Sales $46,710Gross Profit: $21,479Net Income: $6,046Total Selling and Administrative Expense: $14, 804 a)Cost of Goods 54.0% = $ Amountb)Gross Margin Percentage 46.0% = $ Amountc)SG&A Expense Percentage 31.7% = $ Amountd)Operating Profit Margin Percentage 14.2% = $ Amounte) Net Profit Margin (After Taxes) 12.9% = $ Amount If you could provide the formulas used it would be a big help, again the percents are already there I need to find the dollar amount the percents reflect.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
- 1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $a) Calculate Saddlery Company’s cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) b) Calculate Saddlery Company’s cost of goods sold, gross margin, and ending inventory using FIFO. c)Calculate gross margin for both ? solve accurately with all working and steps with explanation , computation , formula answer in text show computation for numbers thanksIf 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
- What is the amount for Inventory and cost of goods sold for 02/24? Please explain how to get the result, thanks. Do not give answer in image2. Which of the following equations is false? a. Net Income = Gross Profit – Operating Expenses b. COGS = Cost of Goods Available for Sale – Ending Inventory c. Sales Revenue – COGS – Operating Expenses = Net Income d. Net Income = Operating Expenses + Gross Profit 3. Pinkan Company sells merchandise to Castle Corporation with terms FOB Shipping Point. In this case, the freight cost will be paid by … a. Pinkan Company b. Castle Corporation c. Shipping Company d. Pinkan Company and Castle CorporationThe following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $
