## Question

###### $ $1,390.000 % 100.0% $574,700 $105,000 100 101 102 Net sales $1,390,000 103 Gross margin $574,700...

$ $1,390.000 % 100.0% $574,700 $105,000 100 101 102 Net sales $1,390,000 103 Gross margin $574,700 104 Profit $105,000 105 106 Net Sales Problem One 107 -COGS 108 =GM 109 -Expenses 110 =Profit/Loss 111 11.Skeletal Profit and Loss Statement: Set up skeletal profit and loss statement in both dollars and percentage 112 given the information. 113 Gross margin $535,000 114 Gross margin 25% 115 Expenses $625,000 116 117 Net Sales Problem Two 118 -COGS 119 =GM 120 -Expenses 121 =Profit/Loss 122 123 124 125 $2,140,000 100.0% 25.0% $535,000 $625,000

## Answers

1) ParticularsAmount ($)Amount in %Net sales 1390000 100% Less: Cost of goods sold(COGS)* Percentage=COGS/Net sales = 815300/1390000 *81500 58.65% Gross margin Percentage=Gross margin/Net sales =574700/1390000 574700 41.35% Less: **Operating expenses Percentage=Operating expenses/Net sales =469700/1390000 469700 33.79% Ner Profit Percentage=Net Profit/Net sales =105000/1390000 105000 7.55% * COGS =Net Sales - Gross margin = 1390000 - 574700 = $ 815300 **Operating expenses=Gross margin - Net Profit =574700 - 105000 = $ 469700 2) ParticularsAmount ($)Amount in %Net sales 2140000 100% Less: Cost of goods sold(COGS)* Percentage=COGS/Net sales = 1605000/2140000 1605000 75.00% Gross margin Percentage=Gross margin/Net sales =535000/2140000 535000 25.00% Less: Operating expenses Percentage=Operating expenses/Net sales =625000/2140000 625000 29.21% **Ner Profit Percentage=Net Profit/Net sales =(90000)/2140000 $ (90,000) -4.21% * COGS =Net Sales - Gross margin = 2140000 - 535000 = $ 1605000 **Net Loss=Gross margin - Operating expenses = 535000 - 625000 = $ (90000)

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