Calculate gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 4000. a. OMR 24000 b. OMR 20000 c. OMR 8000 d. OMR 12000

Q: Calculate Cost of goods sold from the following? Opening stock OMR 5000, Carriage outwards OMR 2000,…

A: Cost of goods sold = Opening stock + Purchases - Closing stock

Q: Calculate Cost of goods sold from the following? Opening stock OMR 10000, Carriage outwards OMR…

A: Cost of goods sold = Opening stock + Purchases - Carriage outwards - Closing stock

Q: Alaliya trading Company announces annual Sales of OMR 30000, Carriage inwards of OMR 2000, Sales…

A: The term sales revenue represents gross earnings generated by a business entity from selling goods…

Q: Financial information is presented below: Operating Expenses $ 94000 Sales Returns and Allowances…

A: Net Sales = Sales Revenue - Sales Returns and Allowances - Sales Discounts…

Q: If the sales are 105000 $ and cost of goods sold is 45000 $. Current/noncurrent rate method is used.…

A: Income statement is a financial statement which shows income and expenses of the business. All…

Q: Calculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and…

A: Net sales = Sales - Return inwards = 10000 - 4000 = 6000

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Formula: Cost of goods sold = Opening stock + Purchases - Closing stock

Q: Financial information is presented below: Operating expenses $ 35000 Sales returns and 9000…

A: Gross profit is an excess of revenue over the cost of goods sold.

Q: Calculate the missing information based on the format of the income statement. Net sales :…

A: Net Sales are of $4,236,000 Gross margin is of $1,830,000 Net profit of $659,500   To Find: Cost of…

Q: Financial information is presented below: Operating expenses   $ 29000 Sales revenue   223000 Cost…

A: Gross Profit: Gross profit represents the revenue after the deduction of cost of goods sold from the…

Q: Calculate the sales from the given information Cost of goods sold is $38,000…

A: The format is  -    Sales   less Cost of goods sold less Depreciation   less tax      Net…

Q: Sales revenue Sales returns and allowances Net sales revenue Cost of goods sold Gro Ho 5,750 jogo…

A: Introduction: Gross Profit: Deduction of Cost of goods sold from Net sales revenue derives the Gross…

Q: A company shows the following balances: Sales Revenue $2962000 Sales Returns and Allowances 402000…

A: Gross profit rate = Gross profit / Net sales *100

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: The cost of goods sold is calculated by adding the opening stock, purchases, and carriage inwards…

Q: Ameen traders have reported annual sales of OMR 15000, Carriage inwards of OMR 1000, Sales discount…

A: Net sales will be calculated after deduction of discount, allowance and sales return from annual…

Q: If the net sales 159 150 ID , beginning -1 finished goods inventory 16 500 ID „Cost of goods…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Calculation of cost of goods sold from the following::::: cost of goods sold=Opening…

Q: 7YReferring to the following table, what is Net sales revenue? Sales revenue $460,000| Cost of goods…

A: Formula: Net sales revenue = Sales revenue - Sales discounts - Sales returns and allowances

Q: What is the cost of goods sold? O A. $751,700 OB. $364,500 O C. $455,400 O D. $520,600

A: Definition: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a…

Q: Use the following selected Information from Letterman Corporation to determine the Year 1 and Year 2…

A: Common size percentage commonly known as vertical analysis is calculated by dividing the amount by…

Q: Al Shahba has net sales are RO 57500 and gross profit rate is 45% of net sales, then estimated cost…

A: Estimated Cost of goods sold :                     This figure is calculated or determined while…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Formula: Deduction of closing stock from Opening stock and purchases derives the cost of goods sold.…

Q: 7)Refemng to the following table, what is Net sales revemue? $460,000 Sales revenue Cost of goods…

A: Formula: Net sales revenue = Sales revenue - sales discounts - sales returns and allowances

Q: Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units…

A: Number of units sold = Opening inventory + Purchases - Closing Inventory. Under cost of goods sold…

Q: Given this information, what is the profit percent?  Format your answer to two decimal places and…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Financial information is presented below: Operating expenses $ 51000 Sales returns and allowances…

A: This question is related to the final account. The concept of the final account is defined as the…

Q: Calculate the Sales from the information given: Cost of goods sold is $38,000 Net income is $14,625…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: which made a gross profit of OR 65000. Opening inventory was OR 24000 and the value of closing…

A: Sales =165000 Gross profit =65000 Opening inventory =24000 Closing inventory =21000 Decrease in…

Q: Calculate the following: Company A Mark -  up                             25 percent Sales…

A: Gross profit is the difference between sales and the cost of sales. Mark up is always calculated on…

Q: Current Attempt in Progress Presented here are the components in Carla Vista Co's income statement.…

A: Answer -   Gross Profit = Sales Revenue - Cost of Goods Sold   Net Income = Gross Profit - Operating…

Q: Financial information is presented below: Operating expenses $ 60000 Sales returns and allowances…

A: Gross Profit is calculated by deducting cost of goods sold from the net sales Gross Profit = Net…

Q: The income statement of Miller, Inc. includes the items listed below: $900,000 320,000 80,000 15,000…

A: 1. Cost of goods sold = Net Sales - Gross profit    2.Cost of goods available for sale =Beginning…

Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…

A: Introduction: Cost of goods sold: Deduction of Ending inventory from beginning inventory and…

Q: Ameena traders have reported annual sales of OMR 15000, Carriage inwards of OMR 1000, Sales discount…

A: Sales revenue: It is the revenue earned by an organization on selling the products to the outsiders.

Q: find costs of goods sold and operating expenses with the following information?  Net Income (Net…

A: Costs of goods sold = Sales - Gross Profit Operating expenses = Gross Profit - Net Income

Q: Goods of the Invoice value R240 000 sent out to consignee at 20% profit on cost. If all goods were…

A: Cost if goods = Invoice value /(1+ markup)  = 240000/(1+0.2)  = R200,000

Q: Calculate Sales required to earn a profit of OMR 25000

A: From the sales and profit we can calculate that expenses are as follows.   Sales Profit Expenses…

Q: If Swifty Corporation has net sales of $515000 and cost of goods sold of $365000, Swifty gross…

A: Gross Profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

Q: A firm had beginning inventory of OR 15000, ending inventory of OR 20000 and cost of goods sold of…

A: The cost of goods purchased can be calculated by adding up ending inventory and deducting beginning…

Q: If the net sales 159 150 ID , -1 beginning finished goods inventory 16 500 ID ,Cost of goods…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Presented below are the components in determining cost of goods sold. Determine the missing amounts.…

A: Beginning inventory:   Beginning inventory is the unit lying in store in the previous period.…

Q: Financial information is presented below: Operating expenses $ 29000 Sales returns and 9000…

A: Gross profit is calculated by subtracting the cost of goods sold from net sales. Net sales are gross…

Q: Based on the data above, the cost of goods available for sale was: O $1,180,000 O $1,080,000…

A: The cost of goods available for sale includes the beginning inventory, purchases cost, freight in…

Q: Financial information is presented below: Operating expenses $ 48000 Sales returns and allowances…

A: Net Sales = Sales revenue - Sales discounts - Sales returns and allowances

Q: Conversion cost during the period? Cost of goods available for sales? Cost of goods sold?

A: Hi student Since there are multiple subparts, we will answer only first three subparts

Q: Calculate Cost of goods sold from the following? Opening stock OMR 10000, Carriage outwards OMR…

A: All the cost required to produce goods directly is included in cost of goods sold.

Q: Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR…

A: Opening stock = OMR 30000 Purchases = OMR 40000 Closing stock = OMR 14000

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.