For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?
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Q: What is the amount of gross profit?
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A: Gross Profit is Sales minus Cost of Goods Sold
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A: Formula: Gross profit = Sales - Cost of goods sold
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For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?
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- Answer the following 2 questions based on the information in the spreadsheet you created below: Year 1 Year 2 Year 3 Year 4 $ % $ % $ % $ % Net Sales $ 500,000.00 100.00% $ 540,000.00 100.00% $ 577,800.00 100.00% $ 612,468.00 100.00% Cost of goods 265,000.00 53.00% $ 283,500.00 52.50% $ 300,456.00 52.00% $ 321,545.70 52.50% Gross Margin 235,000.00 47.00% $ 256,500.00 47.50% $ 277,344.00 48.00% $ 290,922.30 47.50% Operating expenses 210,000.00 42.00% $ 226,800.00 42.00% $ 245,565.00 42.50% $ 257,236.56 42.00% Operating proft 25,000.00 5.00% $ 29,700.00 5.50% $ 31,779.00 5.50% $ 33,685.74 5.50% 1. What can Mr. Ptolemy do to achieve the gross margin percentage goal set for the third and fourth years? Hint: What factors and elements of a P & L statement affect gross margin %?(List at least 2 things) 2. What efforts should Mr. Ptolemy make in the third and…Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to Digitized Corp. and Very Network, Inc. and have assembled the following data. LOADING... (Click to view the income statement data.) Data Table Selected income statement data for the current year: Digitized Very Network Net Sales Revenue (all on credit) $418,290 $494,940 Cost of Goods Sold 210,000 256,000 Interest Expense 0 15,000 Net Income 62,000 70,000 (Click to view the balance sheet and market price data.) Data Table Selected balance sheet and market price data at the end of the current year: Digitized Very Network Current Assets: Cash $24,000 $21,000 Short-term Investments 42,000 19,000 Accounts Receivables, Net 36,000 46,000 Merchandise Inventory 67,000 98,000 Prepaid Expenses 22,000 18,000 Total…Question 2You are to study the following financial statements for two furniture stores andthen answer the questions which follow: Home Furnitures Comfort FurnituresRM RM RM RM Statement of Profit or LossSales 700,000 950,000Less: Cost of goods sold:Opening inventories 150,000 100,000Purchases 300,000 420,000450,000 520,000 Less: Closing inventories (115,000) (335,000) (95,000) (425,000)Gross profit 365,000 525,000Less: Expenses:Depreciation 5,000 20,000Wages & salaries 190,000 300,000Other expenses 65,000 (260,000) 50,000 (370,000)Net profit 105,000 155,000Statement of Financial PositionNon-current assetsEquipment 50,000 20,000Current assetsInventories 115,000 95,000Trade receivables 135,000 150,000Bank 25,000 275,000 12,500 257,500325,000 277,500 Equity:Opening capital 85,000 80,000Add: Net profit 105,000 155,000190,000 235,000 Less: Drawings (39,000) 151,000 (58,500) 176,500Current liabilitiesTrade payables 174,000 101,000325,000 277,500 Required: (a) Calculate the following…
- Question 2You are to study the following financial statements for two furniture stores andthen answer the questions which follow: Home Furnitures Comfort FurnituresRM RM RM RM Statement of Profit or LossSales 700,000 950,000Less: Cost of goods sold:Opening inventories 150,000 100,000Purchases 300,000 420,000450,000 520,000 Less: Closing inventories (115,000) (335,000) (95,000) (425,000)Gross profit 365,000 525,000Less: Expenses:Depreciation 5,000 20,000Wages & salaries 190,000 300,000Other expenses 65,000 (260,000) 50,000 (370,000)Net profit 105,000 155,000Statement of Financial PositionNon-current assetsEquipment 50,000 20,000Current assetsInventories 115,000 95,000Trade receivables 135,000 150,000Bank 25,000 275,000 12,500 257,500325,000 277,500 Equity:Opening capital 85,000 80,000Add: Net profit 105,000 155,000190,000 235,000 Less: Drawings (39,000) 151,000 (58,500) 176,500Current liabilitiesTrade payables 174,000 101,000325,000 277,500 Required:(a) Calculate the following…Question 2You are to study the following financial statements for two furniture stores andthen answer the questions which follow: Home Furnitures Comfort FurnituresRM RM RM RM Statement of Profit or LossSales 700,000 950,000Less: Cost of goods sold:Opening inventories 150,000 100,000Purchases 300,000 420,000450,000 520,000 Less: Closing inventories (115,000) (335,000) (95,000) (425,000)Gross profit 365,000 525,000Less: Expenses:Depreciation 5,000 20,000Wages & salaries 190,000 300,000Other expenses 65,000 (260,000) 50,000 (370,000)Net profit 105,000 155,000Statement of Financial PositionNon-current assetsEquipment 50,000 20,000Current assetsInventories 115,000 95,000Trade receivables 135,000 150,000Bank 25,000 275,000 12,500 257,500325,000 277,500 Equity:Opening capital 85,000 80,000Add: Net profit 105,000 155,000190,000 235,000 Less: Drawings (39,000) 151,000 (58,500) 176,500Current liabilitiesTrade payables 174,000 101,000325,000 277,500 Required:(a) Calculate the following…The comparative statements of Osborne Company are presented here: [{HtmlTableOSBORNE COMPANYIncome StatementsFor the Years Ended December 312014 2013Net sales $1,895,999 $1,755,959Cost of goods sold 1,063,999 1,011,459Gross profit 832,000 744,500Selling and administrative expenses 505,459 484,459Income from operations 326,541 260,041Other expenses and losses Interest expense 23,583 21,583Income before income taxes 302,958 238,458Income tax expense 93,583 74,583Net income $209,375 $163,875\\OSBORNE COMPANYBalance SheetsDecember 31Assets 2014 2013Current assets Cash $60,100 $64,200Debt investments (short-term) 74,000 50,000Accounts receivable 123,259 108,259Inventory 127,583 117,083Total current assets 384,942 339,542Plant assets (net) 663,905 535,205Total assets $1,048,847 $874,747Liabilities and Stockholders' Equity Current liabilities Accounts payable $165,459 $150,859Income taxes payable 45,083 43,583Total current liabilities 210,542 194,442Bonds payable 234,905 214,905Total…
- Q4. From the following information of XYZ Company, prepare a multi-step income statement For the Year Ended December 31, 2021 Sales $137,460 Sales Returns $2,060 Sales Discounts $5,190 Cost of Goods Sold $62,990 Freight-Out $6,150 Advertising Expense $5,790 Sales Commissions Expense $3,470 Office Salaries Expense $18,510 Office Rent Expense $14,000 Office Supplies Expense $5,330 Gains on Sale Equipment $2,430 Loss on Sales of Investments $1,640 Interest Expense $930he company has these parties of goods on hand: 10x1.000 TL; 20x900 TL; 10x800 TL; 10x700 TL. If 37 items are sold with 20% profit margin (COGS +20% Profit), what is COGS and Sales Revenue in LIFO? a. COGS: 9.400 TL; Sales Revenue: 11.280 TL b. COGS: 33.600 TL; Sales Revenue: 40.320 TL c. COGS: 30.300 TL; Sales Revenue: 36.360 TL d. COGS: 12.700 TL; Sales Revenue: 15.240 TL3. Set up a complete skeletal statement for each of the following problems.*In chart form, show all elements of the P&L including %’sNet sales $1,230,600Cost of merchandise sold $609,147Expenses $553,770 Please correct answer with explanation. I will really upvote.
- The details of a Retail Merchandise business are: Sales revenues are RO 80,000 cost of goods sold is RO 30,000 and Total Selling expenses are RO 40,000, Interest revenue RO 500 and Interest expense RO 300. What will be the Net Profit assuming that the business uses Simple step income statement? a. 10,200 b. 9,900 c. 10,000 d. 10,100Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.Wanna Make An A, Inc. sells all its merchandise on credit. It has a profit margin of 4%, AR period equal to 60 days, AR of $150,000, total assets of $3,000,000, and a D/E ratio of .64. What is the firm’s ROE
