Raw Materials $20,000 Time te T Work in Process $55,000 Finished Goods $132,000 Closing balances were:...

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Raw Materials $20,000 Time te T Work in Process $55,000 Finished Goods $132,000 Closing balances were: Raw Materials Work in Process Finished Goods $28,000 $72,000 $127,000 Other production cost details: Made raw materials purchases of: $171,000 Incurred conversion costs as follows: Direct factory labour: $176,000 Manufacturing overheads: $384,000 Sales for the period were: $973,973 Required: Calculate and enter the percentage Gross Profit this company would have this period? Note: Enter your answer as a percentage to the nearest whole number. For example, if you calculate 10.00005% then enter 10% - including the '%' symbol. To calculate this percentage, you may have to compute all the missing numbers in the flow of COGM and COGS schedules. You may find it useful to use a copy of the blank template provided for tutorial work in week 2. Raw Materials $20,000 Time te T Work in Process $55,000 Finished Goods $132,000 Closing balances were: Raw Materials Work in Process Finished Goods $28,000 $72,000 $127,000 Other production cost details: Made raw materials purchases of: $171,000 Incurred conversion costs as follows: Direct factory labour: $176,000 Manufacturing overheads: $384,000 Sales for the period were: $973,973 Required: Calculate and enter the percentage Gross Profit this company would have this period? Note: Enter your answer as a percentage to the nearest whole number. For example, if you calculate 10.00005% then enter 10% - including the '%' symbol. To calculate this percentage, you may have to compute all the missing numbers in the flow of COGM and COGS schedules. You may find it useful to use a copy of the blank template provided for tutorial work in week 2.

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To calculate the gross profit percentage for the company we need to first determine the cost of good... View the full answer