The following reflects the sales and cost of goods sold of Moose Jaw Marketplace Company for the
Question:
The following reflects the sales and cost of goods sold of Moose Jaw Marketplace Company for the years 2020 and 2021: 2020 Net sales = $401,286, Cost of Goods Sold = $254,077 2021 Net sales = $454,609, Cost of Goods Sold = $257,079 a) Calculate the gross profit from sales for each year. (2 marks) b) Calculate the gross profit ratio for each year - show your calculations! (2 marks) c) In which year was the gross profit ratio worse for Moose Jaw Marketplace Company? (1 mark)
2.You are hired to advise the owner of Regina Retail Company on how to properly record sales taxes for the sale and purchase of merchandise inventory. Assuming that the Saskatchewan sales tax rate is 6% and that federal GST rate -5%, record the following transactiors: (4 marks) Mar 3- purchased merchandise on account for $773 from supplier Bill's Bakery Mar 14 - sold merchandise on account for $3,699 to customer Patches' Pierogi Palace, with a cost of $1,742
3.Swift Current Company buys and sells merchandise for resale. The following are various transactions that happened during the month of April 2022. Provide all necessary journal entries to record the transactions, rounding all early-payment discount amounts to the nearest dollar. Show your calculations. (13 Marks)