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could use some help on these as im a bit stuck. Thank you so much in advance! Required information [The following information applies to the
could use some help on these as im a bit stuck. Thank you so much in advance!
Required information [The following information applies to the questions displayed below.) Myers Books & More, is a student co-op. Myers Books & More uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 291,500 1.690 21,200 10.600 1,220 a. Sold merchandise for cash (cost of merchandise $160,470) D. Received merchandise returned by customers an unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $624). c. Sold merchandise (costing $9,540) to a customer on account with terma n/30. d. Collected half of the balance owed by the contomer in (c) e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1. Anticipate further returns of merchandise (costing $212) after month-end from sales made during the month. 760 Required: 1. Compute Net Sales and Gross Profit for Myers Books & More. Net Sales Gross Profit $ 291,500 Required information [The following information applies to the questions displayed below.) Myers Books & More, is a student co-op. Myers Books & More uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash cost of merchandise $160, 470). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $624). c. Sold merchandise (costing $9.540) to a customer on account with terms n/30. d. Collected balt of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. 1. Anticipate further returns of merchandise (costing $212) after month-end from sales made during the month. 1.690 21,200 10,600 2,220 760 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) % Gross Profit Percentage $ 291,500 Required information [The following information applies to the questions displayed below) Myers Books & More, is a student coop. Myers Books & More uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis 2. Sold merchandise for cash (cont of merchandise $160,470) D. Received barchandise returned by customer satintactory (but in perfect condition for cash refund original cost of merchandise $624). c. Sold merchandise (conting 59,560) to a customer on account with term 1/30, d. collected that of the balance oved by the customer in (e) .. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1. Anticipate further returns of merchandise coating $213) after month and from sales made during the month. 1,690 21,200 10.600 1.220 760 4. Myers Books & More is considering a contract to sell merchandise to a Myers Books & More organization for $16,200. This merchandise will cost Myers Books & More $12.960. Would this contract increase (or decrease) Myers Books & More dollars of gross profit and its gross profit percentage? TIP: The impact on gross profit dollars may differ from the impact on gross profit percentage. (Round "Gross Profit Percentage" to 1 decimal place.) by to % Gross Prote Gross Profit Percentage Step by Step Solution
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