termining Gross Profit uring the current year, merchandise is sold for $8,100,000. The cost of the goods sold is t What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). c. Will the income statement always report a operating income?
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- Prepare an excel sheet for undergiven answers:please prepare excel sheet ....5. Cost of Inventory Sold: Cost of jeans sold: 16 * $19 = $304Cost of sweaters sold: 2 * $9 = $18Cost of purses sold: 2 * $27 = $54Cost of suits sold: 2 * $67 = $134Total Cost of Inventory Sold = $304 + $18 + $54 + S134 = S510 6. Gross Margin: Gross Margin = Total Gross Sales - Total Cost of Inventory Sold Gross Margin = $1,418 - $510 = $908 7. Direct Expenses for the Month: Advertising: $200Salaries: $500Rent expenses: S200Total Direct Expenses for the Month = $200 + $500 + 5200 = S900 Direct Expenses for the Day (assuming a 31-day month) = Total Direct Expenses for the Month / 31 Direct Expenses for the Day = $900 / 31 = $29.03 8. Indirect Expenses for the Month: Water: $75Electricity: $89Insurance: $60Total Indirect Expenses for the Month = $75 + 589 + 560 = 5224 Indirect Expenses for the Day (assuming a 31-day month) = Total Indirect Expenses for the Month / 31 Indirect Expenses for the Day = $224 / 31 =…Calculate the value of gross value added at factor cost with given information:- Sales = $200 Change in stock = $40 Purchase of raw material = $160 Subsidy = $10Danube Company pays Salim a straight commission of 25% on the net sales. In June, Salim had net sales of OMR 56,000. The company gave Salim an OMR 678 draw in May. Calculate Salim’s gross pay. a. 13322 b. 13567 c. 12422 d. 12322
- A certain beverage company provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2011 and 2014 and quantities sold in cases for 2011 follow. Use 2011 as the base period. Unit Price ($) Item 2011 Quantity(cases) 2011 2014 Beer 35,000 17.50 20.15 Wine 5,000 100.00 117.00 Soft drink 70,000 8.00 8.80 Compute the price relatives for this company's products. (Round your answers to two decimal places.) Item Price Relative Beer Wine 117.00 Soft drink 110.00 Use a weighted average of price relatives to show that this method provides the same index as the weighted aggregate method. (Round your answers to the nearest integer.) weighted average of price relatives index: ____ weighted aggregate price index :______Ten years ago, Ginny inherited $55,000 from her grandmother. She decided to invest all of this money in GE stock. Suppose she decides to sell the stock today so she can purchase her first home. The sale price of the stock is $75,000. Calculate the size of Ginny's taxable capital gain.IPCSB.31 A firm is producing at the point of diminishing marginal product. It increases its use of labor. What happens to average cost? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a It must be decreasing. b It must be increasing. c It could be increasing, decreasing, or stay the same. d It must be staying the same.
- calculate sum of the residualsUsing the specific identification method: Date Units purchased Cost per unit Ending inventory June 1 12 Echo Show’s 360 $ 272 2 Echo Show’s from June July 1 52 Echo Show’s 360 247 11 Echo Show’s from July August 1 65 Echo Show’s 360 237 8 Echo Show’s from August a. Calculate the ending inventory ____________ ? b. Calculate the cost of goods sold _____________ ?Definition of economic costs Hubert lives in Houston and runs a business that sells guitars. In an average year, he receives $722,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if he chooses to rent it out, he will receive $1,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Hubert does not operate this guitar business, he can work as an accountant, receive an annual salary of $42,000 with no additional monetary costs, and rent out his showroom at the $1,000 per year rate. No other costs are incurred in running this guitar business. Identify each of Hubert’s costs in the following table as either an implicit cost or an explicit cost of selling guitars. Implicit Cost Explicit Cost The rental income Hubert could receive if he chose to rent out his showroom The…
- Felde Company had $150,000 of net income in 2011 when the s4elling price per unit was $150, the variable costs per unit were $90, and the fixed costs were $570,000.Management expects per unit data and total fixed costs to remain the same in 2012. The president of Felde Company is under pressure from stockholders to increase netincome by $60,000 in 2012. Instructions (a) Compute the number of units sold in 2011. (b) Compute the number of units that would have to be sold in 2012 to reach the stockholders’ desired profit level.Define the terms "use value" and "non-use value" with an example.Case Study 2 : Upon completion of his master's degree, Khalifa asked his boss for a raise. The boss clarified that a raise is not a possibility under his current position and that he would have to assume a higher position with more responsibilities to be eligible. Excited by the offer, Khalifa consented without further inquiry. He has already contemplated how he would spend the extra cash he would receive. Alas, nothing lasts forever. The demands of the new position shocked Khalifa. He was appointed as a director of the Auditing Section. Although he had some knowledge of accounting, he felt he was not competent enough to be responsible for a section. His confusion was evident in the first meeting held with the staff. He kept stuttering and couldn't put together one meaningful sentence. He never had to address a crowd in his previous position. He employed local Omani proverbs, although translated to English, to clarify his points; this disoriented the staff more who come from a diverse…