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3 years ago

Using the following information, what is the amount of gross profit?

Business

1 answer:

SIZIF [17.4K]3 years ago

3 0

Answer:

Gross profit= $54,700

Explanation:

Giving the following information:

Purchases $37,000

Merchandise inventory, September 1 6,100

Merchandise inventory, September 30 6,800

Sales 91,000

First, we need to calculate the cost of goods sold:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 6,100 + 37,000 - 6,800

COGS= $36,300

Now, the gross profit:

Gross profit= sales - COGS

Gross profit= 91,000 - 36,300

Gross profit= $54,700

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Explanation:

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3 years ago

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3 years ago

At the beginning of July, CD City has a balance in inventory of $2,850. The following transactions occur during the month of Jul

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July-3. Dr Merchandise Inventory 1750

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( To record purchase of inventory on account)

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Cr Cash 120

( To record payment of freight charges)

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Cr Merchandise Inventory 400

( To record return of inventory)

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Cr Cash 1750

( To record payment from wholesale music in full)

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Cr Merchandise inventory 2450

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Cr Sales revenue 4700

(To record sales of goods to a customer)

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Cr Account receivable 4700

( To record receipt from sale of goods)

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Cr Accounts payable 2550

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3 years ago

Using the following information, what is the amount of gross profit?​

Using the following information, what is the amount of gross profit?