Chapter 15.II, Problem 13RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

For August, Island Traders, Inc. had the following financial information: merchandise inventory. August 1,$244,500; merchandise inventory. August 31, $193,440; gross purchases. $79,350; purchase returns and allowances. $8,700; and freight in. $970.

a. What is the amount of the goods available for sale?

b. What is the cost of goods sold for August?

c. If net sales were $335,000. what was the gross margin for August?

d. If total operating expenses were $167,200, what was the net profit?

**(a)**

To determine

**To calculate:** The amount of good available for sales of Island Trader Inc. for August if gross purchase is

Explanation

**Given Information:**

Island Trader Inc.â€™s financial information for August is gross purchase is

**Formula used:**

The amount of good available for sales is computed by adding merchant inventory, net purchases and freight charges.

**Calculation:**

Consider Island Trader Inc.â€™s financial information for August is gross purchase is

**(b)**

To determine

**To calculate:** The good sold of Island Trader Inc. for August if goods available for sales is

**(c)**

To determine

**To calculate:** The gross margin of Island Trader Inc. for August if net sales is

**(d)**

To determine

**To calculate:** The net profit of Island Trader Inc. for August if gross margin is

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