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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a. What was the amount of gross profit?b. If total operating expenses were $18,250,000, could you determine net income?c. Is Customer Refunds Payable an asset, liability, or owner’s equity account, and what is its normal balance?d. Is Estimated Returns Inventory an asset, liability, or owner’s equity account, and what is its normal balance?Candy Company had sales is $320,000 and cost of goods sold of $112,000. What is the gross profit margin (ratio of gross profit of sales)?
- During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is 33,026,400. What is the amount of gross profit?XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000, Purchases $600,000, Ending Inventory $150,000, and Gross Profit Rate 40%. Calculate the cost of goods sold and the gross profit for the year.Interest expense = 36,000. Sales revenue = 2,195,000. Interest and dividends = 9,000. Selling expenses = 253,000. Administrative expenses = 104,000. Sales returns and allowances = 98,000. Income tax expense = 168,200. Cost of goods sold = 1,281,000. How much is the gross profit?
- For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances were $90000, and the cost of merchandise sold was $4180000. What was the amount of gross profit? Add your answerDetermining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million. Itsgross profit was $9,191 million. What was the amount of Best Buy's costof goods sold?
- Accounting XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000, Purchases $600,000, Ending Inventory $150,000, and Gross Profit Rate 40%. Calculate the cost of goods sold and the gross profit for the year.For the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances were $30000, and the cost of merchandise sold was $4330000. What was the amount of gross profitIf a company has sales revenue of $631000, net sales of $500000, and cost of goods sold of $385000, the gross profit rate is 77%. 61%. 39%. 23%.