Calculating gross profit. The sales journal for the New Orleans Machine Company is shown below.

a. Calculate the amount of gross profit (or loss) for each job and the total gross profit for the month.

b. What was the gross profit percentage for the total sales for the month?

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SALES JOURNAL for Month of May 19 X7 Page 5 DATE INVOICE NUMBER CUSTOMER'S NAME TERMS CR. 401 ACCOUNTS REC. DR. 111 SALES COST OF GOODS SOLD DR. 415 FINISHED GOODS CR. 126 May 4 501 Washington Supply Co. n/30 L 23,400 00 15,212 80 8 502 Page & Orlez Co. n/30 36,250 00 23,562 68 10 503 Riverton Wholesale Co. n/30 25,850 00 16,921 53 15 504 Flatlands Machine Corp. n/30 43,150 00 48,390 15 22 505 Rosenberg Supply Co. n/30 34,200 00 22,237 83 29 506 Davis Industrial Supply n/30 L 18,400 00 7,692 71 31 Total 181,250 00 134,017 70 (111) (401) (415) (216)