Answered: Net Sales Revenue Variable Cost of…

Name: Use the following information for Short Exercises S21-4 and S21-5.Drac
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Description: Use the following information for Short Exercises S21-4 and S21-5.Dracut Company reports the following information for June:Calculating gross profit and operating income, absorption costingCalculate the gross profit and operating income for June usin

Business

Accounting

Net Sales Revenue Variable Cost of Goods Sold Fixed Cost of Goods Sold Variable Selling and Administrative Costs Fixed Selling and Administrative Costs $ 755,000 240,000 198,000 168,000 79,000

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1.6C

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the net sales 159 150 ID , beginning finished goods inventory 16 500 ID ,Cost of goods manufactured 121 050 ID , ending finished goods inventory 9000 ID , the gross profit are
Cost of goods sold :- Sales - gross profit = 1000000 - 400000 = 600000 Calculation of total expenses:- (Depreciation + advertisement exp. + Rent + salaries + commission + other exp. ) = (80000 + 60000 + 15000 + 56000 + 5000 + 7000) = 223000 Calculation of Gross profit margin:- Formula = sales - cost of goods sold = 1000000 - 600000 = 400000 Calculation of gross profit percentage margin:-Formula = (Gross profit margin / sales)*100 = (400000 / 1000000)*100 = 40% Calculation of net profit margin:- Formula = Gross profit - total expenses = 400000 - 223000 = 177000 Calculation of net profit percentage margin: - Formula = (Net profit / Net Sales)*100% = (117 000/ 1 000 000) *100 = %17.7 Calculation of Current Ratio: - Formula = Current Assets / Current Liabilities = 135 000/ 47 000 = 2.87 : 1 Calculation of Acid Test Ratio: - Formula = Liquid Assets / Current Liabilities Liquid Assets = Cash + Accounts Receivables = 100 000 + 20 000 = 120 000 Acid Test ratio = 120 000/ 47 000 = 2.55 : 1…
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