18. A company has net sales of $638,100 and cost of goods sold of $465,813. The

Question

18. A company has net sales of $638,100 and cost of goods sold of $465,813. The company's gross profit percentage is: A. B. C. D, 0.40%. 3.70%. 7396. 2796. 19. The inventory costing method selected by a company will affect A. B. C. D. only the balance sheet. neither the balance sheet nor the income statement. only the income statement. both the balance sheet and the income statement. 0 The specifie identification method would probably be most appropriate for which of the following goods? A. Jars of Jif chunky peanut butter at Hannaford B. C. D. Compact microwave ovens at the GE warehouse Pairs of navy jeggings at American Eagle Highlander SUVs on the Toyota car dealership's lot 21. Eaton Electronics uses a periodic inventory system. The following information relates to Eaton's inventory of plasma TVs: Beginning Inventory-two TVs that cost of $2,200 each (serial numbers 11534892 and 11534894) April Purchase- four TVs that cost $1,800 each (serial numbers 1154263 1 through 11542634) May Purchase five TVs that cost $2,300 each (serial numbers 11550964 through 11550968). In June, Eaton sells two of these TVs (serial numbers 11534892 and 11550968). There were no additional purchases or sales during the remainder of the year. Eaton Electronics uses the specific identification method. What is its cost of goods sold? A. $4,000 B. $4,200 C. $4,100 D. $4,400 E. $4,500

Explanation / Answer

18) Gross profit percentage :

Gross profit = sales-cost of goods sold

                   = 638100-465813

Gross profit = 172287

Grorss profit percent = 172287*100/638100 = 27%

so answer is d) 27%

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