Question
Partial sales budget information for Sally's Shrimp Company follows: April May June Total Cash sales $50,000 60,000 70,000 180,000 Sales on account 75,000 90,000 105,000
Partial sales budget information for Sally's Shrimp Company follows:
April | May | June | Total | |
Cash sales | $50,000 | 60,000 | 70,000 | 180,000 |
Sales on account | 75,000 | 90,000 | 105,000 | 270,000 |
Total budgeted sales | 125,000 | 150,000 | 175,000 | 450,000 |
- If cost of shrimp sold is 70%of sales,what amount is the gross margin for the quarter ?
| a. | $315,000 | |
| b. | $40,980 | |
| c. | $450,000 | |
| d. | $135,000 |
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Mike Deschamps
14th Edition
0134729315, 978-0134729312
