YH's store performance in 2017 in comparison to 201 2017 Actual Results % $ $50,964 $3,731 $30,100 Gross Sales Customer Returns Cost of Goods Sold Indirect Expenses Direct Expenses Profit $7,462 $5,060 plan: 2017 Plans 1. Calculate 2017 actual dollar profit. Don't forget to find Net Sales figure first. $ $54,000 % 8% 53% 20% 15% 12% 2. Evaluate YH's store 2017 performance against its 2017 plan in terms of customer returns, COGS, GM, indirect OE, direct OE, and profit. Remember, you need to use percentage for comparison!! 1182

YH's store performance in 2017 in comparison to 201 2017 Actual Results % $ $50,964 $3,731 $30,100 Gross Sales Customer Returns Cost of Goods Sold Indirect Expenses Direct Expenses Profit $7,462 $5,060 plan: 2017 Plans 1. Calculate 2017 actual dollar profit. Don't forget to find Net Sales figure first. $ $54,000 % 8% 53% 20% 15% 12% 2. Evaluate YH's store 2017 performance against its 2017 plan in terms of customer returns, COGS, GM, indirect OE, direct OE, and profit. Remember, you need to use percentage for comparison!! 1182

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

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Selected information from Bigg Company's financial statements follows: Fiscal Year Ended December 31 2019 2018(in thousands) 2017 Gross sales $2,004,719 $1,937,021 $1,835,987 Less: Sales discounts 4,811 4,649 4,406 Less: Sales returns and allowances 2,406 2,324 2,203 Net sales $1,997,502 $1,930,048 $1,829,378 Cost of goods sold 621,463 619,847 660,955 Gross profit $1,376,039 $1,310,201 $1,168,423 Operating expenses 577,369 595,226 583,555 Operating income $798,670 $714,975 $584,868 Other income (expenses) 15,973 (6,140) (8,773) Net income $814,643 $708,835 $576,095 At December 31 2019 2018(in thousands) 2017 Accounts receivable $201,290 $195,427 $182,642 Less: Allowance for doubtful accounts 2,516 2,736 2,192 Net accounts receivable $198,774 $192,691 $180,450 Required: 1. Calculate the following ratios for 2018 and 2019. Round your answers…
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