What if Jimmy made a 15 profit on the sale of a custom designed boat and the original cost of the boat was 15000. The boat sold for how much?

What if Jimmy made a 15 profit on the sale of a custom designed boat and the original cost of the boat was 15000. The boat sold for how much?
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If he made a profit of 15, he sold it for 15015.
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Jimmy bought 25 apples for Rs.10 and sold them at the rate of 24 apples for Rs.12. What is the percentage of profit made by him? A. 25% B. 70% C. 60% D. 100%

Description : Jimmy bought 25 apples for Rs.10 and sold them at the rate of 24 apples for Rs.12. What is the percentage of profit made by him? A. 25% B. 70% C. 60% D. 100%

Last Answer : Answer – A (25%) Explanation – CP of 1 apple=10/25=2/5 SP of 1 apple=12/24=1/2 profit= 1/2-2/5=1/10 %= [(1/10) / (2/5) ] x 100 =25 %

Gross profit for a merchandiser is net sales minus a. operating expenses. b. cost of goods sold. c. sales discounts. d. cost of goods available for sale.

Description : Gross profit for a merchandiser is net sales minus a. operating expenses. b. cost of goods sold. c. sales discounts. d. cost of goods available for sale.

Last Answer : b. cost of goods sold.

Gokul purchases 10 goats at Rs. 1500 each. 1 goat died. He sold 2 goats at 5% loss, at what rate he should sale the remaining goat, so as to gain a Profit of 10 % on the total Cost?

Description : Gokul purchases 10 goats at Rs. 1500 each. 1 goat died. He sold 2 goats at 5% loss, at what rate he should sale the remaining goat, so as to gain a Profit of 10 % on the total Cost?

Last Answer : Selling Price with Profit of 10 % of total cost = 1500*10*110/100 = 16500 Selling Price of 2 goat with 5% loss= 3000*95/100 = 2850 Difference = 16500-2850= 13650 So rate of the goats for selling to gain 10% profit on total = 13650/7 = Rs. 1950

Average Revenue means - (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Description : Average Revenue means - (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Last Answer : (1) the revenue per unit of commodity sold Explanation: Average revenue is the revenue per unit of the commodity sold. It can be obtained by dividing the TR by the number of units sold. Then, AR = ... of view. Therefore, average revenue curve of the firm is the same as demand curve of the consumer.

Average Revenue means (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Description :  Average Revenue means (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Last Answer : the revenue per unit of commodity sold

I bought 15 pens and sold 12 of them at the cost price of 18 pens. What is the profit percentage? a) 50 b) 25 c) 30 d) 45

Description : I bought 15 pens and sold 12 of them at the cost price of 18 pens. What is the profit percentage? a) 50 b) 25 c) 30 d) 45

Last Answer : a) 50

Arun and Bharat started a business with investments of Rs.10000 and Rs.15000 respectively. Arun being a working partner gets Rs.100 every month as salary from the profit. At the end of one year the business makes a profit of Rs.4800. Find the total share of Arun out o this amount (in Rs.) a)2880 b)2640 c)3240 d)2760

Description : Arun and Bharat started a business with investments of Rs.10000 and Rs.15000 respectively. Arun being a working partner gets Rs.100 every month as salary from the profit. At the end of one year the business makes a ... the total share of Arun out o this amount (in Rs.) a)2880 b)2640 c)3240 d)2760

Last Answer : b)2640

Anwar and Bhaskar started a business with investments of Rs.15000 and Rs.24000. At the end of 4 months from the start of the business, both withdrew one-third of their respective capital. Find the ratio of their profits in the total profit at the end of one year. a)1:2 b)3:4 c)4:5 d)5:8

Description : Anwar and Bhaskar started a business with investments of Rs.15000 and Rs.24000. At the end of 4 months from the start of the business, both withdrew one-third of their respective capital. Find the ratio of their profits in the total profit at the end of one year. a)1:2 b)3:4 c)4:5 d)5:8

Last Answer : d)5:8

Ganesha, Harish and Raghu started a business with investments of Rs.15000, Rs.18000 and Rs.21000. At the end of the one year, they earned a total profit of Rs.5400. Find the respective shares of Ganesh, Harish and Raghu in the profit (in Rs.) a)1500,1800,2100 b)1360,1800,2240 c)1750,2100,2450 d)1890,2100,2310

Description : Ganesha, Harish and Raghu started a business with investments of Rs.15000, Rs.18000 and Rs.21000. At the end of the one year, they earned a total profit of Rs.5400. Find the respective shares of Ganesh, Harish ... profit (in Rs.) a)1500,1800,2100 b)1360,1800,2240 c)1750,2100,2450 d)1890,2100,2310 

Last Answer : a)1500,1800,2100

Two persons Ashok and Amit enter into a business. Ashok invests Rs 12500 in the first time and after 6months withdraws Rs 7000. Amit withdraws Rs 3000 after 8 months. Both have equal profit at the end of the year. What is the amount invested by Amit initially? A) 15000 B) 20000 C) 10000 D) 16000

Description : Two persons Ashok and Amit enter into a business. Ashok invests Rs 12500 in the first time and after 6months withdraws Rs 7000. Amit withdraws Rs 3000 after 8 months. Both have equal profit at the end of the year. What is the amount invested by Amit initially? A) 15000 B) 20000 C) 10000 D) 16000

Last Answer : Answer: C)  Ashok’s investment =12500*6+5500*6=108000  Amit’s investment=x*8+(x-3000)*4  108000=8x+4x-12000=>X=Rs 10000  Amount invest by Amit is Rs 10,000

L, M and N started a business in which L invested Rs.15000/- for 2year, M invested Rs 25000/- for 3 years, N invested Rs.35000/- for 4 years. At the end of the profit received by them is Rs.9800/-. What is N’s share?. A) 5600 B) 5000 C) 5500 D) 4500

Description : L, M and N started a business in which L invested Rs.15000/- for 2year, M invested Rs 25000/- for 3 years, N invested Rs.35000/- for 4 years. At the end of the profit received by them is Rs.9800/-. What is N’s share?. A) 5600 B) 5000 C) 5500 D) 4500 

Last Answer : Answer: A) L = Rs.15000/- per 2 years M= Rs.25000/- per 3 years N = Rs.35000/- per 4 years = 15000 2 : 25000 3 : 35000 4 =30000:75000:140000=30:75:140 =6:15:28 Total = 49 parts -----> Rs. ... )  = 1 part ------> Rs.200/- Then, N's share is = 28 parts = Rs.200 28 parts  = Rs.5600

P, Q, R enter into a partnership. P initially invests Rs 15000 and withdrawn Rs. 7500 after 7 months. Q initially invests Rs 12500 and withdraws Rs 10000 after 5 months and R invests Rs 10000 and adds another Rs 5000 after few months. At the end of 1 year and 3 months profits of P and R is twice the profit of Q. Then after how many months did R invests Rs 10000? A) 2.5 B) 2.6 C) 2.7 D) None

Description : P, Q, R enter into a partnership. P initially invests Rs 15000 and withdrawn Rs. 7500 after 7 months. Q initially invests Rs 12500 and withdraws Rs 10000 after 5 months and R invests Rs 10000 and adds another Rs 5000 ... after how many months did R invests Rs 10000? A) 2.5 B) 2.6 C) 2.7 D) None

Last Answer : Answer: A)  Ratio of P, Q &R is , 15000*7+7500* 8:12500*5+2500* 10:10000*x+15000*(15-x)  P: Q: R=66:35:9-2x  Profit of Q = (profit of P + profit of R)/2  35 = (66 +9 -2x)/2  X=2.5 months

Gowtham started a business, investing Rs.25000. After 4 months and 5 months respectively, Rithick and Sudhir joined him with capitals of 15000 and 12000. At the end of the year the total profit was Rs.4632. What is the difference between Rithick’s and Sudhir’s share in the profit approximately?

Description : Gowtham started a business, investing Rs.25000. After 4 months and 5 months respectively, Rithick and Sudhir joined him with capitals of 15000 and 12000. At the end of the year the total profit was Rs.4632. What is the difference between Rithick’s and Sudhir’s share in the profit approximately?

Last Answer : Gowtham investment =25000*12=3000000 Rithick investment = 15000*8 =120000 Sudhir investment = 12000*7 =84000  Ratio of their investment= 25:10:7  The difference between Rithick’s and Sudhir’s share=3  That is= 4632*3/42 = Rs 331 (approx.)

Deepak selling a product at 48% discount, he incurs a loss of 10%. The marked price of the product is 15000 Rs. At what percent discount he should sell the product so as to have a profit of 30%.

Description : Deepak selling a product at 48% discount, he incurs a loss of 10%. The marked price of the product is 15000 Rs. At what percent discount he should sell the product so as to have a profit of 30%.

Last Answer : Mp=15000==>Sp= 15000*0.52= 7800. Loss of 10% is there==>Cp= 7800/ 0.90= RS.8666.66 Profit of 30% = 6000*1.15=11266.66 Discount should be Rs2600 Discount % should be {2600/15000}*100 =17.3%

If cost of the herbicide is INR 1000 and application cost is INR 500 and net return over weedy is INR 15000, MBCR will be a). 35 b). 25 c). 15 d). 10

Description : If cost of the herbicide is INR 1000 and application cost is INR 500 and net return over weedy is INR 15000, MBCR will be a). 35 b). 25 c). 15 d). 10

Last Answer : d). 10

The profit made by David in selling his calculator for Rs.400 would be the same as the loss he would have made in selling it at a 25% loss. If he sold his calculator after offering a discount of Rs.100, find the percentage at which he marked it above the cost price. a)56.25% b)62.5% c)60% d)50%

Description : The profit made by David in selling his calculator for Rs.400 would be the same as the loss he would have made in selling it at a 25% loss. If he sold his calculator after offering a discount of Rs.100, find the percentage at which he marked it above the cost price. a)56.25% b)62.5% c)60% d)50%

Last Answer : a)56.25%

Vijay marked his camera at 50% above his cost price. He sold it after allowing discount and still made a profit of 20%. What is the discount percentage he offered on it? a)20% b)25% c)30% d)35%

Description : Vijay marked his camera at 50% above his cost price. He sold it after allowing discount and still made a profit of 20%. What is the discount percentage he offered on it? a)20% b)25% c)30% d)35%

Last Answer : a)20%

A shopkeeper marked a suit at Rs.400. He sold it after allowing a discount, and still made at a profit of 25%. At what percentage above its cost price did he marked the suit, if he sold it for Rs.320? a)50% b)66 2/3% c)62 1/2% d)56 1/4%

Description : A shopkeeper marked a suit at Rs.400. He sold it after allowing a discount, and still made at a profit of 25%. At what percentage above its cost price did he marked the suit, if he sold it for Rs.320? a)50% b)66 2/3% c)62 1/2% d)56 1/4%

Last Answer : d)56 1/4%

Ajay sold a motorbike at a profit of 20% to Balu. Balu sold it to Dinesh at a loss of 20%. If the profit made by Ajay was Rs.120 less than the loss made by Balu, find the cost price of Ajay(in Rs.) a)3000 b)3600 c)3900 d)4500

Description : Ajay sold a motorbike at a profit of 20% to Balu. Balu sold it to Dinesh at a loss of 20%. If the profit made by Ajay was Rs.120 less than the loss made by Balu, find the cost price of Ajay(in Rs.) a)3000 b)3600 c)3900 d)4500

Last Answer : a)3000

Rohit sold his bicycle at 4 % profit. If he sold it for Rs.204 less, he would have made a 30% loss. What was his cost price(in Rs.)? a)630 b)640 c)600 d)560

Description : Rohit sold his bicycle at 4 % profit. If he sold it for Rs.204 less, he would have made a 30% loss. What was his cost price(in Rs.)? a)630 b)640 c)600 d)560

Last Answer : c)600 

A shirt was sold at a profit of Rs.50. If a trouser was sold at half the profit percentage and the cost price of the trouser is thrice that of shirt, find the profit made on the trouser (in.Rs.) a)25 b)50 c)75 d)100

Description : A shirt was sold at a profit of Rs.50. If a trouser was sold at half the profit percentage and the cost price of the trouser is thrice that of shirt, find the profit made on the trouser (in.Rs.) a)25 b)50 c)75 d)100 

Last Answer : c)75

Ishath bought 15 pieces of [email protected],500/- each and sold all of them at the total price of Rs.81, 000/-. What is the percent profit earned in the deal? a) 18.66 b) 20 c) 25 d) 36 e) None of these

Description : Ishath bought 15 pieces of [email protected],500/- each and sold all of them at the total price of Rs.81, 000/-. What is the percent profit earned in the deal? a) 18.66 b) 20 c) 25 d) 36 e) None of these

Last Answer : Total cost of 15 pieces of Mobiles= 15×4500 = Rs. 67500 Total Sales prices of 15 pieces of Mobiles= Rs. 81000 Profit% = 81000 – 67500 / 67500 × 100 = 13500/67500 × 100 = 20% Answer: b)

Manish purchased 25 kg of rice @ Rs32 per kg and 15 kg of rice @ Rs 36 per kg. He mixed the two varieties of rice and sold it @ Rs 40.20 per kg. What is the percent profit earned? 1. 25 2. 40 3. 30 4. 20

Description : Manish purchased 25 kg of rice @ Rs32 per kg and 15 kg of rice @ Rs 36 per kg. He mixed the two varieties of rice and sold it @ Rs 40.20 per kg. What is the percent profit earned? 1. 25 2. 40 3. 30 4. 20

Last Answer : 4. 20

Anamika purchased 60 tablets at a price of Rs.60 per tablet. she sold 15 tablets at profit of Rs.6per tablet and 38 tablets at a profit of Rs. 7per tablet. The remaining tablets were sold at a loss of Rs. 4 per tablet. What is the average profit percentage per tablets?

Description : Anamika purchased 60 tablets at a price of Rs.60 per tablet. she sold 15 tablets at profit of Rs.6per tablet and 38 tablets at a profit of Rs. 7per tablet. The remaining tablets were sold at a loss of Rs. 4 per tablet. What is the average profit percentage per tablets?

Last Answer : Total CP= 60*60=3600 Total Sp= [(15*60+15*6)+(38*60+38*7)+(7*60-7*4)] = 990+2546+392=3928 Average profit = 3928-3600/60 =328/60 =>5.46%

Selva purchased 60 chairs at a price of Rs. 55 per chair. He sold 15 chairs at a profit of Rs. 6 per chair and 37 chair at a profit of Rs. 7 per chair. The remaining chairs were sold at a loss of RS.3 per chair. What is the average profit per chair?

Description : Selva purchased 60 chairs at a price of Rs. 55 per chair. He sold 15 chairs at a profit of Rs. 6 per chair and 37 chair at a profit of Rs. 7 per chair. The remaining chairs were sold at a loss of RS.3 per chair. What is the average profit per chair?

Last Answer : Total cost price = Rs(60*55) = Rs.3300 Total selling price = Rs [(15*55 + 15 * 6)+(37*55+37*7)+(8*55 - 8*30)] = Rs. [ 915 + 2294 + 416] = Rs.3625 Average profit = Rs[3625 – 3300/60] = Rs.(325/60) = Rs. 5.416 Therefore the average profit per chair is Rs 5.41.

The sale price of an article including the sale tax is Rs. 616. The rate of sale tax is 10% . If the shopkeeper has made a profit of 12%, the cost price of the article is [The Pearson Guide book] A. Rs 500 B. Rs 515 C. Rs 550 D. Rs 600

Description : The sale price of an article including the sale tax is Rs. 616. The rate of sale tax is 10% . If the shopkeeper has made a profit of 12%, the cost price of the article is [The Pearson Guide book] A. Rs 500 B. Rs 515 C. Rs 550 D. Rs 600

Last Answer : Answer – A. Rs 500 Explanation – 110% of S.P. = 616 = S.P. = Rs.(616 x 100/110) = Rs.560. C.P. = Rs (100/112 x 560) = Rs 500

6000 ÷ 15 × 225 – 70000 = ? a) 20000 b) 18000 c) 16000 d) 14000 e) 15000

Description : 6000 ÷ 15 × 225 – 70000 = ? a) 20000 b) 18000 c) 16000 d) 14000 e) 15000

Last Answer : ? = 6000 – 225 / 15 - 70000 = 90000 – 70000 = 20000 Answer: a)

Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.

Description : Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.

Last Answer : c. cost of goods purchased.

In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.

Description : In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.

Last Answer : b. only when a credit sale of merchandise occurs.

f a company determines cost of goods sold each time a sale occurs, it a. must have a computer accounting system. b. uses a combination of the perpetual and periodic inventory systems. c. uses a periodic inventory system. d. uses a perpetual inventory sy

Description : f a company determines cost of goods sold each time a sale occurs, it a. must have a computer accounting system. b. uses a combination of the perpetual and periodic inventory systems. c. uses a periodic inventory system. d. uses a perpetual inventory sy

Last Answer : a. must have a computer accounting system.

In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. c. on an annual basis. d. with each sale.

Description : In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. c. on an annual basis. d. with each sale.

Last Answer : d. with each sale.

Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory records. c. A periodic system requires cost of goods sold be determined after each sale. d. A perpetual system determines cost of goods sold only at the end of the accounting period.

Description : Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory ... perpetual system determines cost of goods sold only at the end of the accounting period.

Last Answer : b. Perpetual inventory systems require more detailed inventory records.

If all of the capacity on a production line is sold a. all remaining inventory is sold for half the average cost of production. b. a loss is written off on the income statement. c. Capstone interprets the action as a liquidation instruction. d. the company will receive a cash payment of 65% the original investment on capacity. e. all of the above.

Description : If all of the capacity on a production line is sold a. all remaining inventory is sold for half the average cost of production. b. a loss is written off on the income statement. c. Capstone ... company will receive a cash payment of 65% the original investment on capacity. e. all of the above.

Last Answer : e. all of the above.

The rate of gross profit is 20% on sales and the cost of goods sold is Rs. 1‚00‚000, the amount of gross profit will be– (A) Rs. 30‚000 (B) Rs. 25‚000 (C) Rs. 20‚000 (D) Rs. 16‚667

Description : The rate of gross profit is 20% on sales and the cost of goods sold is Rs. 1‚00‚000, the amount of gross profit will be– (A) Rs. 30‚000 (B) Rs. 25‚000 (C) Rs. 20‚000 (D) Rs. 16‚667

Last Answer : Answer: Rs. 25‚000

What is the wholesale cost of a dress? a. The dress was listed at a price that would have given the store a profit of 20 percent of the wholesale cost. b. After as 10% discount on the list price, the dress sold for a net profit of 10 Rupees.

Description : What is the wholesale cost of a dress? a. The dress was listed at a price that would have given the store a profit of 20 percent of the wholesale cost. b. After as 10% discount on the list price ... question. e) If the data in statement a, b and c together are not sufficient to answer the question.

Last Answer : Let C be the wholesale price, listed Price be P. from (a), P = 1.2C From (b), 0.9P = C + 10. Using statement (a), 1.2C = C + 10, from this we can determine C. From (C), ... even if we combine information from other statements. So (a) and (b) together are sufficient to answer the question. Answer: c)

A person sold an item for Rs. 14280 after giving 15% discount on the labelled price and earned 19% profit on the cost price. What would have been the percentage profit, had he not given the discount? a) 30% b) 34% c) 40% d) 42.5% e) None of these

Description : A person sold an item for Rs. 14280 after giving 15% discount on the labelled price and earned 19% profit on the cost price. What would have been the percentage profit, had he not given the discount? a) 30% b) 34% c) 40% d) 42.5% e) None of these

Last Answer : Labelled price = [(14280×100)/85] = Rs. 16800 Or, 23X/120 = 69/5 Or, X= [(69×120)/(23×5)] = 72km. Answer is: c)

Arjun bought 100 mangoes at the same price . 40 of them were of lower quality. He sold the remaining 60 mangoes at 60% more than the cost price. If in total, he earned a 28% profit, What is his profit/loss percentage, on the 40 mangoes of lower quality? a)20% profit b)15% profit c)20% loss d)15% loss

Description : Arjun bought 100 mangoes at the same price . 40 of them were of lower quality. He sold the remaining 60 mangoes at 60% more than the cost price. If in total, he earned a 28% profit, What is his ... loss percentage, on the 40 mangoes of lower quality? a)20% profit b)15% profit c)20% loss d)15% loss

Last Answer : c)20% loss

Ashwin purchased a second hand machine for Rs.1 lakh. Over the first year after its purchase. He incurred an expense of Rs.20000 in maintaining it. At the end of the first year he sold it for Rs.80000. Find his profit/loss percentage. If 25% of the total cost price (i.e., purchased price + expenses) is to be deducted on account of depreciation. a)12.5% profit b)12.5% loss c)11 1/9% profit d)11 1/9% loss

Description : Ashwin purchased a second hand machine for Rs.1 lakh. Over the first year after its purchase. He incurred an expense of Rs.20000 in maintaining it. At the end of the first year he sold it for Rs.80000. Find his ... account of depreciation. a)12.5% profit b)12.5% loss c)11 1/9% profit d)11 1/9% loss

Last Answer : d)11 1/9% loss 

A trader sold a trouser at 44% profit after announcing two successive discounts of 10% and 20%. At what percentage did he mark the trouser above the cost price? a)60% b)100% c)180% d)175%

Description : A trader sold a trouser at 44% profit after announcing two successive discounts of 10% and 20%. At what percentage did he mark the trouser above the cost price? a)60% b)100% c)180% d)175%

Last Answer : b)100%

A shopkeeper sold a toothpaste at a profit of 12.5%. His cost price was Rs.5 less than his selling price. find his cost price (in Rs.) a)30 b)36 c)40 d)50

Description : A shopkeeper sold a toothpaste at a profit of 12.5%. His cost price was Rs.5 less than his selling price. find his cost price (in Rs.) a)30 b)36 c)40 d)50

Last Answer : c)40

Amar sold a camera at 20% profit to Bhavan. Bhavan sold it to Chetan at 30% loss. Chetan bought the camera for Rs.840. find the cost price of Chetan, had Amar sold the camera to Bhavan at 30% loss and Bhavan sold it to Chetan at 20% profit (in Rs.) a)1160 b)1080 c)840 d)720

Description : Amar sold a camera at 20% profit to Bhavan. Bhavan sold it to Chetan at 30% loss. Chetan bought the camera for Rs.840. find the cost price of Chetan, had Amar sold the camera to Bhavan at 30% loss and Bhavan sold it to Chetan at 20% profit (in Rs.) a)1160 b)1080 c)840 d)720

Last Answer : c)840

The labelled price of a product is Rs 750. If it is sold at a 20% discount, the dealer earns a 25% profit. What is the cost price? 1. Rs 550 2. Rs 450 3. Rs 435 4. Rs 480

Description : The labelled price of a product is Rs 750. If it is sold at a 20% discount, the dealer earns a 25% profit. What is the cost price? 1. Rs 550 2. Rs 450 3. Rs 435 4. Rs 480

Last Answer : 1. Rs 550

Amit sold an article for Rs 630 and earned a profit of 20%. Find the cost price for Amit. 1. Rs 555 2. Rs 535 3. Rs 552 4. Rs 525

Description : Amit sold an article for Rs 630 and earned a profit of 20%. Find the cost price for Amit. 1. Rs 555 2. Rs 535 3. Rs 552 4. Rs 525

Last Answer : 4. Rs 525

In the Clark Company, sales were $480,000, sales returns and allowances were $30,000, and cost of goods sold was $288,000. The gross profit rate was a. 64%. b. 36%. c. 40%. d. 60%.

Description : In the Clark Company, sales were $480,000, sales returns and allowances were $30,000, and cost of goods sold was $288,000. The gross profit rate was a. 64%. b. 36%. c. 40%. d. 60%.

Last Answer : b. 36%.

Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.

Description : Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.

Last Answer : b. $15,000.

Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold

Description : Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold

Last Answer : c. cost of goods sold, net sales revenue

At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, the company’s cost of goods sold and gross profit rate must be a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

Description : At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000 ... a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

Last Answer : b. $1,400,000 and 30%.

Ingrid’s Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company’s gross profit rate is 40%, Ingrid’s will report monthly net sales revenue and cost of goods sold of a. $38,000 and $22,800. b. $37,200 and $14,880. c. $37,200 and $22,320. d. $38,000 and $22,320.

Description : Ingrid's Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company's gross profit rate is 40%, Ingrid's will report monthly net sales revenue and cost of goods ... b. $37,200 and $14,880. c. $37,200 and $22,320. d. $38,000 and $22,320.

Last Answer : c. $37,200 and $22,320.

If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $260,000, the gross profit rate is a. 67%. b. 65% c. 35%. d. 33%.

Description : If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $260,000, the gross profit rate is a. 67%. b. 65% c. 35%. d. 33%.

Last Answer : c. 35%.