In a common-sized income statement, 100% is the a. net cost of goods sold b. gross profit c. sales d. net income
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In a common-sized income statement, 100% is the
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- Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
- The gross profit percentage is equal to: A. Net operating income/Sales B. Cost of goods sold/Sales C. Cost of goods sold/Net income D. (Net operating income + Operating expenses)/Sales E. (Net operating income - Operating expenses) /SalesUnder the gross profit method, if the gross profit rate is based on cost, the cost of sales is computed as A. Gross sales times cost ratio B. Net sales divided by sales ratio C. Net sales times cost ratio D. Gross sales divided by sales ratioGross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.
- Where are selling and administrative expenses found on the multiple-step income statement? Da. after net income and before expenses b. before gross profit c. after sales and before gross profit Od. after gross profitCompute the ff: 1. Total Sales 2. Cost of Sales 3. Consignment profit 4. Value of Inventory on ConsignmentThe ratio of Gross profit expressed as a percentage of sales is called: a. Gross Profit Ratio O b. Net Profit Ratio c. None of these O d. Operating Profit Ratio
- which of the following comes first in the income statement O a. finance cost O b. gross profit O C. C. cost of sales O d. distribution costGross profit is equal to Select one: a. revenues - expenses b. sales - cost of goods sold c. profits plus depreciation d. earnings before taxes minus taxes payableWhen performing vertical analysis of an income statement, the base amount is ________. A sales revenue B total expenses C gross profit D net income
