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:

Freight-In

$ 7,200

Inventory (beginning)

40,500

Purchases

456,000

Purchase Discounts

12,000

Purchase Returns and Allowances

6,400

Sales Revenue

702,000

Sales Returns and Allowances

8,000

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

Instructions

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
1. The Initial Borrowings required are determined by the amount required to start  the project less the Cash Invested by the Corporation.  The loans will always be principle & inte

I would like to know the solution on this one.

Constant Gross Margin Rate This method assumes that every product contributes an equal percentage of gross profit for every shilling of sales. It works back from gross margin

A foreign company plans to clear several dozen acres of ecologically valuable mangrove swamp in Vietnam for the creation of a shrimp aquaculture facility. This decision will create

how to treat an increase in output on marginal costing

A company is considering the following alternatives: Alternative 1 Alternative 2 Revenues $240,000 240,000 Variable costs 120,000 140,000 Fixed costs 70,000 70,000 Which of the fol

You want to have $2,000,000 in your retirement account (IRA) at the end of 30 years. You hope to earn 6% per year. How much must you save each year?

INSURANCE Trustees may insure trust property against loss or damage by fire subject to the following conditions:   1. The insurance must not exceed the full value of the proper

Your organization (City Rehab) has been approached by an MCO looking for an exclusive arrangement for the rehabilitation of its hip replacement patients. The MCO is aggressively po

The sunshine tomato soup shippers produce tomato soup at three west coast canneries in Bakersfield, phoenix, and Eugene. The soup is shipped to four regional warehouses. Due to hig