Question 20 (1 point)

Identify if the statement given below is true or false.

50% mark-up percentage is same as a 50% Gross profit margin.

(test your answer using cost of $ 20)

True

False

Question 19 (6 points)

Using the information given below, calculate the Gross Profit Margin for all the 3 years

Particulars	2019	2018	2017
No. of units sold	214,000	160,000	100,000
Cost of Goods Sold	$ 230,400	$ 178,560	$ 113,600
Net Sales	$ 314,700	$ 248,000	$ 160,000

a	29.60% for 2019; 28.80% for 2018 and 27.00% for 2017
b	26.80% for 2019; 28.00% for 2018 and 29.00% for 2017
c	28.60% for 2019; 29.00% for 2018 and 27.80% for 2017
d	26.80% for 2019; 29.00% for 2018 and 28.00% for 2017

Question 16 (4 points)

At the beginning of August, Feeder & Co. had 20 cars worth $ 400,000. On August 2nd they have bought 12 more cars for $ 360,000 and on Aug 25th 26 cars (16 from beginning inventory and 10 from purchases made in August) are sold for $ 728,000. The value of closing inventory as per FIFO and Weighted Average method resectively are

a	Given information is not sufficient to calculate this
b	$ 180,000 as per FIFO and $ 140,000 as per Weighted Average method
c	$ 140,000 as per FIFO and $ 180,000 as per Weighted Average method
d	$ 180,000 as per FIFO and $ 180,000 as per Weighted Average method