<span>First we must determine the cost of goods sold during November. For this we use beginning inventory ($368,000) + purchases ($217,500) - ending inventory ($226,750). This gives us a total cost of goods sold for November of $358,750. Then, we take the net sales ($1,000,000) minus the cost of goods sold ($358,750) which equals our gross profit of $641,250. Finally we divide gross profit ($641,250) by net sales ($1,000,000) to determine the gross profit rate to be 64.125%</span>

8 0

3 years ago

Match each important word with the phrase that best defines it.

Artyom0805 [142]

report the other answers it’s a virus

5 0

3 years ago

Which characteristics of capitalism provide an opportunity for entrepreneurship and allow both buyers and sellers to feel they m

vladimir2022 [97]

All the answers that apply are letters; a,b,c

7 0

4 years ago

Read 2 more answers

The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8

Soloha48 [4]

Answer:

The journal entries for all transactions are as follows;

Explanation:

June 8. Bad Debts Expense Dr.$8,440

Accounts-Receivable-Kathy Quantel Cr.$8,440

Aug 14. Bank Dr.$3,000

Bad Debt Expense Dr. $9,500

Accounts Receivable-Rosalie Oakes Cr.$12,500

Oct 16. Accounts-Receivable-Kathy Quantel Dr.$8,440

Bad Debts Expense Cr. $ 8,440

Cash Dr. $8,440

Accounts-Receivable-Kathy Quantel Cr.$8,440

Dec 31. Bad debt Expense Dr. 24,955

Account Receivable-Wade Dolan Cr.$4,600

A/R-Greg Gagne Cr.$3,600

A/R-Amber Kisko Cr.$7,150

A/R- Shannon Poole Cr.$2,975

A/R-Niki Spence Cr.$6,630

6 0

4 years ago