Question Details

The gross profit rate would be 



Use the following information for questions 1-2.
Financial information is presented below:
Operating Expenses $ 45,000
Sales Returns and Allowances 13,000
Sales Discounts 6,000
Sales 150,000
Cost of Goods Sold 67,000
1. Gross profit would be
a. $77,000.
b. $64,000.
c. $70,000.
d. $83,000.
2. The gross profit rate would be 
a. .535.
b. .489.
c. .511.
d. .553.
Use the following information for questions 1-5.
Financial information is presented below:
Operating Expenses $ 45,000
Sales Returns and Allowances 13,000
Sales Discounts 6,000
Sales 160,000
Cost of Goods Sold 77,000
3. The amount of net sales on the income statement would be
a. $154,000.
b. $141,000.
c. $160,000.
d. $166,000.
4. Gross profit would be
a. $77,000.
b. $70,000.
c. $64,000.
d. $83,000.
5. The gross profit rate would be
a. .454.
b. .546.
c. .500.
d. .538.




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