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Incorrect Question 4 0 / 0.2 pts On the top of page 6-3 of the VLN. how much did Bay Inc report for gross profit? ments 535,000 Hill Iton Incorrect Question 5 0 / 0.2 pts Course On the middle of page 6-3 of the lecture video notes, what would Bay Inc report as their gross profit ratio? Carry it out to 2 decimal places. Do not include the % sign in your answer. % 53.5 Unanswered 0 / 0.2 pts Question 6 Apply the COGS equation used on the bottom of page 6-3 of the VLN to the following data set to answer the question: The company had $20,000 in beginning inventory and during the year purchased $200,000 worth of inventory. Ending inventory at the end of the period was $10,000, what was the cost of goods sold for the year? Practice At the beginning of 200, Bay Inc reports inventory of 56,000. During 20C, the company purchases additional Inventory for 529,000. At the end of 200, the cost of inventory remaining Is 55,000. The company's sales revenue for the year was 545,000 and they had $500 of sales discounts Calculate Net sales Calculate Goods available for sale: Calculate cost of goods sold: Calculate gross profit: Gross Profit Ratlo (AXA Gross Profit Margin); Gross Profit Ratio Gross Profit Net Sales x 100 - GPS Vertical Analysis (Chapter 12) Common sized Income Statement (Net sales is the common denominator) Practice Mills Corp. is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales 51,035,000 Sales returns 20,000 Sales discounts 15,000 Purchases 470,000 Inventory (beginning) 25,000 Inventory (ending) 30,000 Operating Expenses 248,000 Interest revenue 1,000 Effective Income Tax Rate 30% Based on the above determine COGS: Goods available for sale Chapter 6 Page 6-3