Question
The following information pertains to two competitors, Mostly Inc. and Hardly Ltd. Company Beginning Inventory Ending Inventory Cost of Goods Sold Mostly Inc. $164,000 $235,000
The following information pertains to two competitors, Mostly Inc. and Hardly Ltd.
| Company | Beginning Inventory | Ending Inventory | Cost of Goods Sold | |||
| Mostly Inc. | $164,000 | $235,000 | $859,604 | |||
| Hardly Ltd. | $593,000 | $645,000 | $1,871,324 |
Mostly Inc. reported sales revenues of $1,382,000 and Hardly Ltd. reported sales revenues of $2,716,000.
Calculate the gross margin and gross margin ratio for Mostly and Hardly.
| Mostly Inc. | Hardly Ltd. | |||||
| Gross margin | $ | $ | ||||
| Gross margin ratio | % | % | ||||
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Advanced Financial Accounting
Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King
5th Edition
0072444126, 978-0072444124
