For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?
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A: Gross profit:Gross profit can be defined as the profit generated from deducting the cost of goods…
Q: What is the amount of gross profit?
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A: Gross Profit is Sales minus Cost of Goods Sold
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A: Formula: Gross profit = Sales - Cost of goods sold
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For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?
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- * CengageNOWv2| Online teachir X * CengageNOWv2 | Online teachin x +. now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * D eBook Show Me How Vertical Analysis Income statement information for Einsworth Corporation follows: Sales $337,000 Cost of goods sold 101,100 Gross profit 235,900 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number. Einsworth Corporation Vertical Analysis of the Income Statement Amount Percentage Sales $337,000 Cost of goods sold 101,100 $235,900 % Gross profit Previous Nex Check My Work 67°F Sunny iort sc delete home PA0 1A4 4+ 4- backspacev2.cengagenow.com Determining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold? (Enter answer in millions.) $ millionSantana Rey expects second quarter 2022 net income of Business Solutions's line of computer furniture to be the same as the first quarter's net income (reported below) without any changes in strategy. Sales were 136 desk units (sales price of $1,250) and 76 chairs (sales price of $500). BUSINESS SOLUTIONS-Computer Furniture Segment Segment Income Statement* For Quarter Ended March 31, 2022 Sales Cost of goods sold* Gross profit Selling, general, and administrative expenses Sales commissions (10%) Advertising expenses General and administrative expenses Net income *Reflects activity only related to the computer furniture segment. † Sales: (136 × $1,250) + (76 × $500) = $208,000. ‡ Cost of goods sold: (136 × $750) + (76 × $250) = $121,000. Santana believes that sales will total 180 desks and 129 chairs for the next quarter if selling prices are reduced to $1,150 for desks and $450 for chairs and advertising expenses are increased to $14,880 for the quarter. Product costs per unit and…
- The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000chapter 3 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of $18,540, cost of goods sold of $391,400, and $283,455 in operating expenses. Gross profit equals: Multiple Choice $793,100. $118,245. $401,700. $414,060. $420,240. MacBook
- 16.. Partially correct answer icon Your answer is partially correct. The income statement of Bonita Company is shown below. BONITA COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,470,000 Cost of goods sold Beginning inventory $2,050,000 Purchases 4,300,000 Goods available for sale 6,350,000 Ending inventory 1,650,000 Cost of goods sold 4,700,000 Gross profit 1,770,000 Operating expenses Selling expenses 430,000 Administrative expenses 700,000 1,130,000 Net income $640,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $130,000 during the year. 5.…A retailer has net annual sales of $3,000,000. Retail expenses are $260,000. Net profit is $400,000. Calculate the maintained markup at retail. The retail selling price is $10.00. What are the merchandise costs? a. $3.33 b. $6.67 c. $12.00 d. $14.92 The answer must be 6.67$Determining Cost of Goods Sold For a recent year, TechMart reported sales of $51,322 million. Its gross profit was $14,370 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.)$ million
- ! Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses FELS U VITAMIX Use the above information to prepare the gross profit section of a multiple-step income statement. $ 60,000 90,000 17,000 11,000 80,000 2,000 24,000 Income Statement For Year Ended December 31Determining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million. Itsgross profit was $9,191 million. What was the amount of Best Buy's costof goods sold?igmeniMalh.do?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse Show Me How Print Item eBook Contribution Margin and Contribution Margin Ratio For a recent year, McDonald's (MCD) company-owned restaurants had the following sales and expenses (in millions): Sales $15,295.0 Food and packaging $(4,896.9) Payroll (4,134.2) Occupancy (rent, depreciation, etc.) (3,667.7) General, selling, and administrative expenses (2,384.5) $(15,083.3) Operating income $211.7 Assume that the variable costs consist of food and packaging, payroll, and 40% of the general, selling, and administrative expenses. a. What is McDonald's contribution margin? Round to the nearest tenth of a million (one decimal place). million b. What is McDonald's contribution margin ratio? Round to one decimal place. % c. How much would operating income increase if same-store sales increased by $800 million for the coming year, with no change in the contribution margin ratio or fixed costs? Round your answer to the nearest…