Question
1) If a company has net sales of $700,000 and cost of goods sold of $455,000, the gross profit percentage is a)25%. b)35%. c)65%. d)100%.
1) If a company has net sales of $700,000 and cost of goods sold of $455,000, the gross profit percentage is
a)25%.
b)35%.
c)65%.
d)100%.
2)Falk Companys ending inventory is overstated $4,000. The effects of this error on the current years cost of goods sold and net income, respectively, are:
a)Understated, overstated.
b)Overstated, understated.
c)Overstated, overstated.
d)Understated, understated.
3)Cost of goods available for sale consists of two elements: cost of goods purchased and
a)Beginning inventory.
b)Cost of goods purchased.
c)Cost of goods sold.
d)All of the answer choices are correct.
4)
$300,000.
$370,000.
$256,000.
$322,500.
5)
$99,000.
$108,000.
$113,000.
$106,000.
6) Falk Companys beginning inventory is understated $4,000. The effects of this error on the current years cost of goods sold and net income, respectively, are:
a)Understated, overstated.
b)Overstated, understated.
c)Overstated, overstated.
d)Understated, understated.
7)
$113,000.
$108,000.
$92,000.
$100,000.
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