Calculate the gross profit percentage, Cost Accounting

At the end of Ehlinger Department Store's fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance:


$ 7,200

Inventory (beginning)




Purchase Discounts


Purchase Returns and Allowances


Sales Revenue


Sales Returns and Allowances


Note:  Merchandise inventory on December 31, 2012, is $58,300.


a) Prepare an income statement through gross profit for the year ended December 31, 2012.

b) What is the gross profit percentage?

Posted Date: 2/20/2013 7:38:11 AM | Location : United States

Related Discussions:- Calculate the gross profit percentage, Assignment Help, Ask Question on Calculate the gross profit percentage, Get Answer, Expert's Help, Calculate the gross profit percentage Discussions

Write discussion on Calculate the gross profit percentage
Your posts are moderated
Related Questions
Find the following values for a single cash flow: a. The future value of $500 invested at 8 percent for 1  year b. The future value of $500 invested at 8 percent for 5 years

why is determining the cost to manufacture a product quite a different activity from determining how to control such cost?

What are the major arguments for absorption costing?

Visual Fit Method of Cost Estimation Cost estimation is based on past data regarding the dependent variable and the cost driver. The previous data on cost levels and the outpu

We consider two regions A and B. Each market has the same size (i.e. number of consumers) but differs in the willingness to pay for one unit of the good proposed by the firm. On ma

Methods Required To Allocate Joint Costs 1) Physical/Unit Measure 2) Constant gross margin rate 3) Net realizable value.

describe the procedures involved in payroll labour cost accounting

under which type of asset the investment comes

Motivation - Behavioural Aspects of Standards Variance analysis and standards setting requires to be carried out like it motivates managers and other employees. It should not

You have been asked by Mogul-Basher (MB) Ltd., a manufacturer of snowboards, to evaluate its capital structure. As a first step, you need to estimate MB's current weighted average