Calculate the gross profit percentage, Cost Accounting

Assignment Help:

At the end of Ehlinger Department Store's fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance:

Freight-In

$ 7,200

Inventory (beginning)

40,500

Purchases

456,000

Purchase Discounts

12,000

Purchase Returns and Allowances

6,400

Sales Revenue

702,000

Sales Returns and Allowances

8,000

Note:  Merchandise inventory on December 31, 2012, is $58,300.

Instructions

a) Prepare an income statement through gross profit for the year ended December 31, 2012.

b) What is the gross profit percentage?


Related Discussions:- Calculate the gross profit percentage

Financial accounting, Financial Accounting It is the analysis, and rec...

Financial Accounting It is the analysis, and recording and classification of financial transactions and the ascertainment of how that information will be reported to the diffe

Determine the variable cost element for selling expense, The following info...

The following information pertains to Tudor Logistics Company: 200X Information: Sales                                      $4,875,000 Selling expense

Realized gain or loss on the exchange, Pauline's Pastry Shop decides to rem...

Pauline's Pastry Shop decides to remodel its offices this year. As part of the remodeling, Pauline's trades furniture with a cost of $12,000 that had been expensed in the year of p

Compute avoidable interest incurred during 2014, Early in 2014, Dobbs Corpo...

Early in 2014, Dobbs Corporation engaged Kiner, Inc. to design and construct a complete modernization of Dobbs's manufacturing facility. Construction was begun on June 1, 2014 and

Great pumpkin farms, Great Pumpkin Farms just given a dividend of $3.50 on ...

Great Pumpkin Farms just given a dividend of $3.50 on its stock.  The growth rate in dividends is expected to be a constant 5 percent per year indefinitely.  Investors need a 16 pe

Sgtatement of Cash Flow, “The statement of cash flows is the easiest of the...

“The statement of cash flows is the easiest of the basic financial statements to prepare because you know the answer before you start. You compare the beginning and ending balances

Generally accepted accounting principles, Generally Accepted Accounting Pri...

Generally Accepted Accounting Principles (GAAP) -Rules, conventions and procedures essential to define accepted accounting practice at a specific time. The highest level of such pr

Answer, Chen Enterprises purchased 67,000 pounds (cost = $616,400) of direc...

Chen Enterprises purchased 67,000 pounds (cost = $616,400) of direct material to be used in the manufacture of the company''s only product.

Calculate the retained profit, Harriet Ltd is a trading company set up a nu...

Harriet Ltd is a trading company set up a number of years ago with 5,000 £1ordinary shares issued at par. In order to expand the production facilities it needs to raise a further £

Sunk costs, Which statement best describes a sunk cost? A a cost which is i...

Which statement best describes a sunk cost? A a cost which is irrelevant for the future B a cost which must be matched against the revenue C a cost which remains the same at all le

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd