During the current year, merchandise is sold for $8,560,000. The cost of the goods sold is $6,077,600.

Fantastic news! We've Found the answer you've been seeking!

Question:

During the current year, merchandise is sold for $8,560,000. The cost of the goods sold is $6,077,600. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

What is the amount of the gross profit? Round your answer to the nearest dollar.

a. $ 2,482,400

b.Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number.

Related Book For answer-question

Survey of Accounting

ISBN: 978-1305961883

8th edition

Authors: Carl S. Warren

See More Books

Posted Date: Mar 16, 2024 01:32 AM

See More Questions

Question 1 An ideal transformer is one which. has no losses and magnetic leakage has core of stainless steel and windings of pure copper metal has interleaved primary and secondary windings has...
What is the investments return and the principals of investments ? plus any profit as a lump sum, to the investor. An annuity is different in that it produces a stream of payments over a period of...
1.Consider the following information for three stocks, Stocks A, B, and C. The returns on the three stocks are positively correlated, but they are not perfectly correlated. (That is, each of the...
Predict your results. Write "yes" or "no," depending on whether you think the plate will show growth. Give the reason (s) for your predictions. Observe the colonies through the petri plate lids. Do...
Give hypothetical examples of forward integration, backward integration, and horizontal integration?
Linear Speed on Earth Earth rotates on an axis through its poles. The distance from the axis to a location on Earth 300 north latitude is about 3429.5 miles. Therefore, a location on Earth at 300...
Differentiate between the different methods of valuing intellectual property. What are the main advantages and disadvantages of each valuation method?
Acme Corporation has received a contractual order to build a new tooling machine for Alpha Corporation. The project started several months ago. Table 1514 is the Monthly Cost Summary for June, 2002....
Examine the impact of virtualization on memory management. How do techniques like memory overcommitment, ballooning, and shared memory affect resource allocation and system stability in virtualized...
NOTE: include a copy of your equations and equations/code with your plots 1. (50 points) A non-afterburning turbojet is being designed for operation at an altitude of 15 km and a Mach number of 1.8....
If a fixed cost has been incurred before the prospective price change and cannot be reversed, then it is Select one: O a. activity based costing O b. opportunity costs opportunity costs opportunity...
Let A be the matrix and B be the matrix A+B has shape num AB has shape What are the shapes of the following? (if the multiplication is not valid, just type in "-1" and "-1" for the two boxes.) BA has...
At the end of the year 2004 the BRK Corporation had free cash flow to equity (FCFE) of $250,000 and shares outstanding of 200,000. The company projects the following annual growth rates in FCFE Year...
find all listed below chart of accounts 1 2 3 4 5 6 7 8 Jack's Wash began business on September 1 of 2021, by depositing $50,000 in a checking account in the name of Jack's Wash, Inc. representing...
(i) Consider the infinite series (v) Hence show that 1 1 = Bo, 0 = + n = Bn Bn Bo+Bz + =x B 2! ex By expanding the LHS and equating powers of a determine that B 2! 1! Show that for n > 1 one can...
3.4 Prove the following metatheorem. Q = true is a theorem iff Q is a theorem. 3.6 Assume that operatoris identified with operator of Sec. 2.1 (see Ex- ercise 3.1) and true is identified with the...
(iii) An ISP has provided to a company with the address range of 132.127.0.0 /24. How many usable subnets and usable hosts per subnet are there in the network? (5 Marks) (iv) Why is the below IPV6...
Q1) What is the a3 Value Q2) What is the a7 Value Q3) What is the a4 Value Q4) What is the b3 Value Q5) What is the b2 Value Q6) What is the sign of 2nd constraint? A pastry chef at a bakery wants to...
For the year ending March 31, 20Y5, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 20Y5 and 20Y4, are as follows:...
Yukon Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Canada, Montana, Idaho, Oregon, and Washington. Yukon Bike Corp. declared the following annual dividends...
Deere & Company (DE) produces and sells tractors, loaders, combines, lawnmowers, and a variety of other equipment. The following data (in millions) were adapted from recent financial statements of...
True or False. The element stiffness matrices are always singular.
Derive the stiffness matrix of the bar element in longitudinal vibration whose cross-sectional area varies as $A(x)=A_{0} e^{-(x / l)}$, where $A_{0}$ is the area at the root (see Fig. 12.14)....
Fill in the Blank. In the finite element method, the elements are assumed to be interconnected at certain points known as ____________ .

During the current year, merchandise is sold for $8,560,000. The cost of the goods sold is $6,077,600.

Question:

Expert Answer:

a Gross Profit Amount Gross Profit Sales Cost of Goods Sold Gross Prof... View the full answer

Survey of Accounting

Students also viewed these accounting questions