Author Question: Set up a complete skeletal statement: Gross sales 129,350 Customer returns 10,600 Gross margin ... (Read 275 times)

lunatika · **on:** Sep 11, 2018

Set up a complete skeletal statement:
Gross sales 129,350
Customer returns 10,600
Gross margin 46.2
Profit 3,800

What will be an ideal response?

Question 2

Calculate profit/loss percent, given:
Net sales 1,230,600
Cost of merchandise sold 609,147
Expenses 553,770

a. Profit 3.50
b. Profit 4.50
c. Profit 5.50
d. Profit 6.50

Zack0mack0101@yahoo.com · **Reply #1 on:** Sep 11, 2018

Answer to Question 1

Net sales = 129,350 - 10,600 = 118,750

Net sales 118,750 100.00
Cost of merchandise sold 63,887 53.80
Gross margin 54,863 46.20
Expenses 51,063 43.00
Profit 3,800 3.20

Answer to Question 2

c. Profit 5.50