Compute net sales gross profit and the gross margin ratio, Accounting Basics

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Compute net sales gross profit and the gross margin ratio

Question: Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. Interpret the gross margin ratio for case a.

a b c d

Sales $130,000 $512,000 $35,700 $245,700

Sales discounts 4,200 16,500 400 3,500

Sales returns and allowances 17,000 5,000 5,000 700

Cost of goods sold 76,600 326,700 21,300 125,900

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Accounting Basics: Compute net sales gross profit and the gross margin ratio

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Accounting Basics: Compute net sales gross profit and the gross margin ratio

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