Answered

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At the beginning of the year, the inventory of Yen's general merchandise was 175,000. The purchases made during the year amounted to 1,025,000. The invertory at the end of the year was 425,000. Yen's general merchandise salaries expense amounted to 235,000, while it's rental expense was 300,000. It also allocated 125,000 for utilities expense. The store received sales returns worth 55,000. The total sales of Yen's general merchandise was 1,575,000. What is the net profit/loss of Yen's general merchandise. Total sales
Less sales returns and allowances
Net sales
Cost of goods sold
Beginning inventory
Purchases
Cost of goods available for sale
Less ending inventory
Gross profit
Operating expenses
Net income/(loss)

Sagot :

Vincenzo1989idn

Answer:

Net Profit/Income = 85,000

Solution:

Sales                                                                         1,575,000

Less: Sales Returns                                                     55,000

Net Sales                                                                  1,520,000

Cost of Goods Sold:

Beginning Inventory                       175,000

Add: Purchase                             1,025,000

Goods Available for Sale            1,200,000

Less: Ending Inventory                 425,000

Cost of Goods Sold                                                   775,000

Gross Profit on Sales                                                  745,000

Operating Expenses:

  Salaries Expense                        235,000

  Rental Expense                           300,000

  Utilities Expense                          125,000

Total Operating Expense                                          660,000

NET PROFIT                                                                  85,000

Note:

  • "Net Loss" (if TOTAL OPERATING EXPENSE is greater than GROSS PROFIT ON SALES)
  • "Net Profit/Income" (if TOTAL OPERATING EXPENSE is less than GROSS PROFIT ON SALES)

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