Chapter 15.II, Problem 7RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the missing information based on the format of the income statement.

Net Sales |
Cost of Goods Sold |
GrossMargin |
OperatingExpenses |
Net Profit |
|||||

7. | $341,300 | $186,740 | $68,050 |

To determine

**To calculate:** The gross margin and operating expense if net sales is

Net Sales |
Cost of Goods Sold |
Gross Margin |
Operating |
Net Profit |

Explanation

**Given Information:**

The net sales is

**Formula used:**

The gross margin is computed by subtracting cost of goods sold from net sales.

The operating expense is computed by subtracting net profit from gross margin.

**Calculation:**

Consider net sales is

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