Question
2. Below is a partially completed 1st quarter income statement of Lopez Hardware. Find: Net Sales Goods Available for Sale Cost of Goods Sold Gross
2. Below is a partially completed 1st quarter income statement of Lopez Hardware. Find:
Net Sales
Goods Available for Sale
Cost of Goods Sold
Gross Profit on Sales
Total Operating Expense
Net Income
LOPEZ HARDWARE
INCOME STATEMENT
FOR THE MONTH OF DECEMBER
Revenue
Sales 526,789
Less: Sales Returns and Allowances 21,450
Net Sales a._______________
Less: Cost of Goods Sold
Beginning Inventory 54,579
Add: Purchases 267,670
Goods Available for Sale b._______________
Less: Ending Inventory 48,920
Cost of Goods Sold c.______________
Gross Profit on Sales d. _____________
Less: Operating Expenses
Salaries and Wages 45,620
Mortgage Interest 12,536
Taxes 12,734
Utilities 8,850
Advertisement 8,976
Depreciation of Store Equipment 8,543
Insurance 33,005
Other expenses 7,345
Total Operating Expenses e._______________
NET INCOME or LOSS f._______________
3. Refer to number 2,
By completing the table below, find what percent of each item in the statement is of the net sales. SECTION AMOUNT PERCENT
Net Sales
Cost of Goods Sold
Gross Profit on Sales
As percent of net sales, what was the gross profit margin of Lopez Hardware?
Find the net profit margin.
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