If sales are 20,000 and the gross profit margin is 20 percent, what is the cost of

Question:

If sales are £20,000 and the gross profit margin is 20 percent, what is the cost of goods sold?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting A Practical Introduction

ISBN: 9780273714293

1st Edition

Authors: Ilias Basioudis

See More Books

Question Posted: May 31, 2024 03:01 AM

See More Questions

Bailey's Computer Services Adjusted Trial Balance Account Names Cash Debit Credit 7,840 Accounts Receivable 3,900 From the adjusted Trial Balance prepare the Financial Statements as noted below:...
Depreciation by units-of-activity method A diesel-powered tractor with a cost of $115,000 and an estimated residual value of $10,000 is expected to have a useful operating life of 28,000 hours....
Consider the following information: Rate of Return if State Occurs State of Economy Boom :57 Bust of Economy .66 .34 Probability of State Stock A .09 .13 Stock B Stock C .03 .19 .24 -.04 a. What is...
Goddard Company has used the FIFO method of inventory valuation since it began operations in 2015. Goddard decided to change to the average cost method for determining inventory costs at the...
For matrix P form problem 32 with (A) S0 =[0 0 1] (B) S0 - [.2 .5 .3] Problems 35-40 refer to the matrices in Problems 29-34. Use the limiting matrix P found for each transition matrix P in Problems...
Consider the AIRLINE relational database schema shown in Figure 3.8, which describes a database for airline flight information. Each FLIGHT is identified by a flight NUMBER, and consists of one or...
Can you think what these reasons may be?
Ellis Industries sells a building that has an original cost of $200,000 and an accumulated depreciation balance of $100,000. Required Prepare the journal entry to record the sale assuming the sales...
During its first year of operations, Bramble Corp. had these transactions pertaining to its common stock. Jan. 10 Issued 27.400 shares for cash at $5 per share. July 1 Issued 62.000 shares for cash...
Fergie is a sole trader. The following information is available in respect of her accounting year ended 31 March 2009: Fergies bank statements for the year show receipts from trade debtors of 80,000...
The following information is available: Calculate: (a) the mark-up (cost), and (b) the gross profit margin. Sales 300,000 Opening stock 25,000 Purchases 250,000 Closing stock 30,000
Compare and contrast business and consumer markets.
Locate a scholarly article relevant to how to present your financial plan for opening a Roller Skating Rink (from your draft business plan) to a lending institution--and describe your strategy for...
How would you expect seasonal fluctuations in demand to affect a rental company's decisions about pricing rented products such as wedding dresses or convertible cars? In terms of pricing principles,...
Do we drive technology, or does technology drive us? If technology drives us, what are the risks? The other side of the coin would be that we are able to stay ahead of technological transformations....
How do you explain the differences between the two analyses and what are the implications of using the BCG matrix in practice?
How do leadership styles, such as transformational leadership, shared leadership, and servant leadership, impact team dynamics, member motivation, and overall team effectiveness ?
The Griggs Corporation has credit sales of $1,200,000. Given the following ratios, fill in the following balance sheet. Total assets turnover 2.4 times Cash to total assets 2.0% Accounts receivable...
KD Insurance Company specializes in term life insurance contracts. Cash collection experience shows that 20 percent of billed premiums are collected in the month before they are due, 60 percent are...
1,600 Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $2,000...
Question 3 4 pts 9 x + 3 x 9 if x 0 Find a) lim f(x), b) lim, f(x), C), lim , f(x) if they exist. 3 Edit View Insert Format Tools Table : 12pt M Paragraph B IV A2 Tv
Mr. Geoffrey Guo had a variety of transactions during the 2019 year. Determine the total taxable capital gains included in Mr. Guo's division B income. The transactions included: 1. On January 1,...

If sales are 20,000 and the gross profit margin is 20 percent, what is the cost of

Question:

Step by Step Answer:

Financial Accounting A Practical Introduction

Students also viewed these Business questions