Current Attempt in Progress A company shows the following balances: Sales $990000 Sales returns and allowances 240000 Cost of goods sold 600000 Operating expenses 75000 What is the gross prot margin? O 39% O 61% O 20% O 80% Save for Later Attempts: 0 of 1 used urrent Attempt in Progress The calculation of net purchases includes all of the following EXCEPT O freight in. O purchases returns. 0 delivery expense. 0 purchases discounts. Save for Later Attempts: 0 of 1 used The factor that determines whether or not goods should be included in a physical count of inventory is O management'sjudgement. 0 legal title. 0 whether or not the purchase price has been paid. 0 physical possession. Save for Later Attempts: O of 1 used A company just starting business made the following three inventory purchases in February: Feb. 1 200 units $1400 Feb. 10 450 units 2700 Feb. 28 100 units 800 $4900 On Feb. 15, there were 320 units sold. The company uses a perpetual inventory system. Using the FIFO inventory cost formula, the amount allocated to cost of goods sold for the February 15 sale is O $4900. O $2240. O $2120. O $2780. Save for Later Attempts: 0 of 1 used Submit AnswerIn a period of rising prices, ending inventory using FIFO will be ending inventory determined using weighted average. O equal to O lower than O Cost formulas have no impact on ending inventory. 0 higher than Save for Later Attempts: O of 1 used Overstatement of ending inventory causes 0 cost of goods sold to be overstated and net income to be overstated. 0 cost of goods sold to be overstated and net income to be understated. 0 cost of goods sold to be understated and net income to be understated. O cost of goods sold to be understated and net income to be overstated. Save for Later Attempts: 0 of 1 used Current Attempt in Progress The following information is available for Sunland Company for three recent years: 2024 2023 2022 Inventory $60900 $62000 $68400 Cost of goods sold 266000 262000 270500 Calculate the inventory turnover ratio for Sunland Company for 2024. O 4.2 times. O 4.4 times. 0 4.3 times. O 3.8 times. Save for Later Attempts: 0 of 1 used