V. Fraga's business has a rate of inventory turnover of 8 times per year. Average inventory is

Question:

V. Fraga's business has a rate of inventory turnover of 8 times per year. Average inventory is £21,000. Mark-up is 30%. Expenses are 40% of gross profit.

You are to calculate:

(a) Cost of goods sold.

(b) Gross profit.

(c) Turnover.

(d) Total expenses.

(e) Net profit.

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

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

See More Books

Question Posted: Mar 28, 2024 04:05 AM

See More Questions

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...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
Fails business has a rate of inventory turnover of 10 times per year. Average inventory is 14,000. Mark-up is 40%. Expenses are 60% of gross profit. You are to calculate: (a) Cost of goods sold. (b)...
which you describe and reflect on one of your favorite pop culture artifacts. Your goals will be simple: you will describe in detail a popular film, tv show, ad campaign, performer, song,...
Ramsey Company issues an $800,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7%. a. Journalize Ramsey's entries to record: 1. The issuance of the note....
Using the data in Problem 14.36, construct a 95% confidence interval for the regression slope. AppendixLO1
Supervisors who tend to avoid extremes such as excellent and poor when rating an employees performance might be exhibiting which type of rater bias? A. Halo and leniency bias B. Strictness and horns...
Marty Monk Fisher owns the largest motorcycle dealership in southern Ohio. Recently, he was approached by Bob Sherman, founder of Mandrake Motorcycles, and offered the opportunity to be the sole...
Suved Help Save & Exh Ched Primare Corporation has provided the following data concerning last month's manufacturing operations, Purchases of raw materials Indirect materials used in production...
The following figures relate to the retail business of A. Bell for the month of July 2016. Goods which are on sale fall into two categories, X and Y. You are to calculate for each category of goods:...
The same approach is taken when you want to know the VAT included in a bill you've paid. Assuming a VAT rate of 17.5%, what is the VAT when the total bill is 235?
Two-bulb experiment for measuring gas diffusivitiesmanalytical solution (Fig. 18B.6) this experiment, described in Problem 18B.6, is analyzed there by a quasi-steady-state method. The method of...
What are the elements of partnership ?
1. (2x+3)dx
Evaluate the texts statement, A marketing strategy sets the details of implementation.
Vectors are drawn from the center of a regular n-sided polygon in the plane to the vertices of the polygon. Show that the sum of the vectors is zero.
Mediocre Company has sales of $120,000, fixed expenses of $24,000, and a net income of $12,000. If sales rose 10%, the new net income would be: Question 18 options: $16,800 $36,000 $13,200 $15,600
1. Why might managers of small restaurants decide not to adopt the standard work hour approach to controlling labour cost? (minimum 150 words )
Which statement is true regarding the U.S. GAAP impairment test for limited life intangibles? A. U.S. GAAP impairment is likely to be greater than IFRS impairment. B. The impairment test for limited...

V. Fraga's business has a rate of inventory turnover of 8 times per year. Average inventory is

Question:

Step by Step Answer:

a Cost of Goods Sold Cost of Goods Sold Average Inventory ...View the full answer

Frank Woods Business Accounting Volume 1

Students also viewed these Business questions