Assume Old Oak Winery made net Sales of ($74,000), and Cost of goods sold totaled ($40,000). Average

Question:

Assume Old Oak Winery made net Sales of $$74,000$, and Cost of goods sold totaled $$40,000$. Average inventory was $$19,000$. What was Old Oak Winery’s gross profit percentage for this period?

a. 54%

b. 2.1 times

c. 46%

d. 20%

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9780135080191

2nd Edition

Authors: Charles T Horngren, Jr Walter T Harrison

See More Books

Question Posted: May 13, 2024 06:03 AM

See More Questions

What is Python? what are Python Jobs? Why to Learn Python?
Assume Old Oak Winery made Net Sales Revenue of $71,000 and Cost of Goods Sold totaled $46,000. What was Old Oak Winery's gross profit percentage for this period?
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
When 12.0 V is applied to a DC motor it rotates at 24 rad/s. The current in the motor is 0.50 A and the "back" emf induced in the motor is 6.0 V. The resistance of the motor will be?
Suppose that initially equilibrium income was 200 units and that this was also the full-employment level of income. Assume that the consumption function is C = 25 + 0.8YD And that, from this initial...
The following is a statement from the study cited in the previous question: Continuous, indicative pricing from corporate-bond market makers in every outstanding issue is an unrealistic expectation....
The linking of financial reward to performance. LO5
At December 31, 2012, the trial balance of Seidl Company contained the following amounts before adjustment. Instructions(a) Based on the information given, which method of accounting for bad debts is...
In July, Gordo Inc. performed services amounting to $140 for clients that had not yet been billed for the work. The month-end adjusting journal entry would consist of a debit to Service Revenue for...
Use the Topps Companys annual report to answer the following questions. a. What was Topps' inventory turnover ratio and average days to sell inventory for the years ended March 1, 2003, and March 2,...
Which subtotals appear on a multi-step income statement but do not appear on a single- step income statement? a. Gross profit and Income from operations b. Operating expenses and Net income c. Cost...
What is the purpose of binning? Give an example for which binning is useful.
Before beginning a study investigating the ability of the drug heparin to prevent bronchoconstriction, baseline values of pulmonary function were measured for a sample of 12 individuals with a...
which of the following (list all that apply) are advantages of a balanced binary search tree over an unbalanced one: 1. it requires less memory 2. it's faster to move from node to node 3. it's faster...
6) Do you find conditional probability problems challenging? Have you tried watching the videos on canvas and has it helped?
1. Determine the cost of heating 3 gallons of water (water weighs 8.33L per gallon ) at a room temperature of 22 degrees Celsius to the boiling point of 100 degrees Celsius at the energy rating of...
Writer One Inc. manufactures ball point pens that sell at wholesale for $0.80 per unit. Budgeted production in both 2018 and 2019 was 16,000 units. There was no beginning inventory in 2018. The...
What are the FASBs key initiatives in its international convergence project?
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
Exercise Following the success of their Scafood fast food restaurant in Miami, the proprietoes, Simon and Jessica, are thinking of expanding the business. They could do this by investing in new sites...
Computing Depreciation Under Straight-Line and Double-Declining-Balance for Partial Years Compute depreciation expense for both Year 1 and Year 2 under each of the following depreciation methods: a....
According to 2020 census, the population of Texas was 29,183 thousand, and it has 38 representatives in the Lower House. Connecticut with the population of 3,608 thousand, has 5 representatives. (a)...

Assume Old Oak Winery made net Sales of ($74,000), and Cost of goods sold totaled ($40,000). Average

Question:

Step by Step Answer:

Financial And Managerial Accounting

Students also viewed these Business questions