Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the following table. (Input all amounts as positive values. Do not round intermediate calculations. Round Gross profit ratio to 2 decimal places.) Company A

image text in transcribed

Complete the following table. (Input all amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Company A Company B 2020 2019 2020 2019 Sales $ 110,000 $ 178,000 $ 90,000 Cost of goods sold: Merchandise inventory (beginning) 8,700 27,300 8,875 6,000 Net cost of merchandise purchases 82,000 26,100 Merchandise inventory (ending) 22,000 8,920 9,875 Cost of goods sold $ 82,300 $ 106,000 Gross profit from sales 39,545 19,775 26,000 54,000 27,000 Operating expenses Profit (loss) Gross profit ratio $ 1,700 $ 18,000 $ 6,275 % % % %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Maintenance Audits Handbook A Performance Measurement Framework

Authors: Diego Galar Pascual, Uday Kumar

1st Edition

1466583916, 978-1466583917

More Books

Students also viewed these Accounting questions

Question

What are the purposes of promotion ?

Answered: 1 week ago