Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 24, 2024

The following information relates to PAT STORES with financial year end 28 February 2020: Sales 400 000 Purchases 155 000 Inventory (01/03/2019) 8 000 Inventory

The following information relates to PAT STORES with financial year end 28 February 2020: Sales 400 000 Purchases 155 000 Inventory (01/03/2019) 8 000 Inventory (28/02/2020) 18 000 Carriage on sales 10 000 Railage on purchases 5 000 Required: Calculate gross profit and gross profit percentage on sales for the year ended 28 February 2020.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions

Question

How do the assumptions required of a multiple regression model and a simple linear regression model differ?

Answered: 1 week ago

Question

★★★★★

Summer Tyme, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $3.9 million. The fixed asset will be depreciated straight-line to zero over...

Answered: 1 week ago

Question

★★★★★

The spot exchange rate is 111.55/$, the 180-day forward exchange rate is 107.83/$, the 180-day dollar interest rate is 1.2% per year, and the 180-day yen interest rate is 0.7% per year. How much...

Answered: 1 week ago

Question

★★★★★

Role ambiguity exists when individuals or group members are _____. Question 18 options: given little control over their work not clear about their purpose not given more control over their work...

Answered: 1 week ago

Question

★★★★★

Part 3 of 5 - Game Theory Battle Between Two Chip Firms The following is a classic normal form game that depicts the pricing rivalry between Intel and AMD for their newest top-oftheline microchip....

Answered: 1 week ago

Question

★★★★★

Service providers (airlines, hotels, restaurants, visitor attractions) in the tourism industry, need to maintain a high capacity, in order to meet their overheads. The term "capacity" refers to the...

Answered: 1 week ago

Question

★★★★★

In a small town, two restaurants compete in the market for pizza. Each restaurant must decide whether to advertise or not. The potential monthly profits for these firms are shown below (in thousands...

Answered: 1 week ago

Question

★★★★★

Figure 13.4 shows the effect of an increase in the world interest rate on a small open economy with perfect capital mobility. We assumed there that the Net Capital Outow (NCO) was positive. For most...

Answered: 1 week ago

Question

★★★★★

1. Kelvin has $12,000 in outstanding student loans. Which of the following criteria should Kelvin fulfill to be eligible for the Public Service Loan Forgiveness (PSLF) program? He should be a...

Answered: 1 week ago

Previous Question Next Question