Selected accounts froim the accounting records of Drake Imports at June 30, 2020, are shown in...

 

 

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Selected accounts froim the accounting records of Drake Imports at June 30, 2020, are shown in the popup. Drake Imports uses the perlodic inventory system. O (Click the icon to view the accounts.) Required Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020. Glen Drake, owner of Drake Imports, strives to ean a gross margin percentage of 41 percent. Did he achieve this goal? Did the rate of inventory turnover reach the industry average of 3.4 times per year? 1. 2. 3. Requirement 1. Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020. Begin by determining net sales, and then continue with the calculation to cost of goods sold and finally gross margin Less Net sales revenue Cost of goods avaltate torsam Less Requirement 2. Glen Drake, owner of Drake Imports, strives to eam a gross margirn percentage of 41 percent. Did he achiove this goal? (Round your answer to the narest one decimal place Drake Imports eamed a gross margin percentage of N Drake Imports goal of eaming of eaming a gross margin percentage of 41%. Requirement 3. Did the rate of inventory turnover reach the industry average of 34 times per year? (Round your answer to the nearest one decimal place.) the industry average of 34 The rate of inventory tumover was which 8/12/2020 24 28,800 Cash 206,400 Purchases 6,600 Freight-in Sales Revenue 374,500 3,100 Purchases Returns and Allowances Salaries Payable 4,200 Glen Drake, Capital 67,300 Sales Returns and Allowances 10,750 Inventory: June 30, 2019 45,900 June 30, 2020 51,100 Selling Expense 68,000 Equipment 99,000 Purchase Discounts 2,820 Accumulated Amortization Equipment 19,400 Sales Discounts 7.400 General Expenses 34,000 Accounts Payable 29,200 Accounts Receivable 34.600 Selected accounts froim the accounting records of Drake Imports at June 30, 2020, are shown in the popup. Drake Imports uses the perlodic inventory system. O (Click the icon to view the accounts.) Required Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020. Glen Drake, owner of Drake Imports, strives to ean a gross margin percentage of 41 percent. Did he achieve this goal? Did the rate of inventory turnover reach the industry average of 3.4 times per year? 1. 2. 3. Requirement 1. Show the computation of Drake Imports' net sales, cost of goods sold, and gross margin for the year ended June 30, 2020. Begin by determining net sales, and then continue with the calculation to cost of goods sold and finally gross margin Less Net sales revenue Cost of goods avaltate torsam Less Requirement 2. Glen Drake, owner of Drake Imports, strives to eam a gross margirn percentage of 41 percent. Did he achiove this goal? (Round your answer to the narest one decimal place Drake Imports eamed a gross margin percentage of N Drake Imports goal of eaming of eaming a gross margin percentage of 41%. Requirement 3. Did the rate of inventory turnover reach the industry average of 34 times per year? (Round your answer to the nearest one decimal place.) the industry average of 34 The rate of inventory tumover was which 8/12/2020 24 28,800 Cash 206,400 Purchases 6,600 Freight-in Sales Revenue 374,500 3,100 Purchases Returns and Allowances Salaries Payable 4,200 Glen Drake, Capital 67,300 Sales Returns and Allowances 10,750 Inventory: June 30, 2019 45,900 June 30, 2020 51,100 Selling Expense 68,000 Equipment 99,000 Purchase Discounts 2,820 Accumulated Amortization Equipment 19,400 Sales Discounts 7.400 General Expenses 34,000 Accounts Payable 29,200 Accounts Receivable 34.600

Answer rating: 100% (QA)

Drake Imports Requirement 1 Requirement 3 374500 10750 Inventory Turnover Cost of g... View the full answer