Use the following to answer questions 18 – 21 BY Ic., begins the year with inventory of $36,500 and ends the year with inventory of $45,100. During the year, the following amounts are recorded: Sales $978,500 Sales returns & allowances 14,100 Sales discounts 12,400 Purchases 515,000 214,300 Operating expenses 18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decimal1 place)

Use the following to answer questions 18 – 21 BY Ic., begins the year with inventory of $36,500 and ends the year with inventory of $45,100. During the year, the following amounts are recorded: Sales $978,500 Sales returns & allowances 14,100 Sales discounts 12,400 Purchases 515,000 214,300 Operating expenses 18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decimal1 place)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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