Question 4Robert is a student and he works as an agent for a company that sells energy products in his sparetime, in order to have some extra spending money.He is doing some calculations to determine how much profit he made for the month of March2021. He is not a registered VAT vendor and VAT is not applicable to the question.He asks for your help and provides you with the following information.DescriptionAmount (R)Total sales17 000Cost of inventory purchased11 500Fuel expense1 250Courier costs paid for salesTelephone costs755550Robert only buys inventory when he receives an order, he does not keep any inventory on hand.Required:Based on the information, calculate the following for Robert for the month of March 2021:Q.4.1 Calculate the gross profit.Q.4.2 Discuss the difference between gross profit percentage and mark-up percentage.Q.4.3 Calculate the gross profit percentage. Round to two decimals.Q.4.4 Calculate the mark-up on cost percentage. Round to two decimals.Q.4.5 Robert was informed that the costs of the products are going to increase with 10%.Based on the May 2021 amounts, what will his gross profit be if he does not increasehis selling prices.

Name: Question 4Robert is a student and he works as an agent for a company
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Description: Question 4Robert is a student and he works as an agent for a company that sells energy products in his sparetime, in order to have some extra spending money.He is doing some calculations to determine how much profit he made for the month of March202

Gross profit is the amount of profit that a company makes after deducting the cost of making the…

Business

Accounting

Based on the information, calculate the following for Robert for the month of March 2021: Q.4.1 Calculate the gross profit. Q.4.2 Discuss the difference between gross profit percentage and mark-up percentage. Q.4.3 Calculate the gross profit percentage. Round to two decimals. Q.4.4 Calculate the mark-up on cost percentage. Round to two decimals.

Based on the information, calculate the following for Robert for the month of March 2021: Q.4.1 Calculate the gross profit. Q.4.2 Discuss the difference between gross profit percentage and mark-up percentage. Q.4.3 Calculate the gross profit percentage. Round to two decimals. Q.4.4 Calculate the mark-up on cost percentage. Round to two decimals.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.1AP

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