Monroe College Accounting Gross Profit & Inventory Tasks

Description

 

Nash Co., with annual net sales of $4,562,000, maintains a markup of 100% based on cost. Nash’s expenses average 16% of net sales. What is Nash’s gross profit and net profit in dollars?

Gross profit

$

Net income
 A fire destroys all of the merchandise of Blue Company on February 10, 2020. Presented below is information compiled up to the date of the fire.Inventory, January 1, 2020$379,600Sales revenue to February 10, 20201,849,700Purchases to February 10, 20201,105,130Freight-in to February 10, 202056,850Rate of gross profit on selling price30%What is the approximate inventory on February 10, 2020?Inventory at February 10, 2020

Explanation & Answer:
2 Excel Tasks

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