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Q. Calculate the gross margin percentage?
Calculate the gross margin percentage by using the following formula
Grossmargin percentage = Grossmargin/Net sales
To show the use of this ratio considers the following information from the 2000 Annual Report of Abercrombie & Fitch.
($ millions) 2000 1999 1998
Revenues $ 1,238.6 $ 1,030.9 $ 805.2
Gross profit 509.4 450.4 331.4
Gross profit (margin)
Percentage $509.5/$1,238.6 = 41.13% $450.4/$1,030.9=43.69% $331.4/$805.2= 1.16%
Abercrombie's gross margin held at a relatively high 41-43 percent over those three years. You must now understand the distinction between accounting for a service company and a merchandising company. The next section persist the discussion of merchandise inventory carried by merchandising companies.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record
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