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## Salâ€™s gross profit for August, 2008

\$15.99

\$15.99

Salâ€™s gross profit for August, 2008 1. 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%. 2. Ingridâ€™s Fashions sold merchandise for \$38,000 cash during the month of July. Returns that month totaled \$800. If the companyâ€™s gross profit rate is 40%, Ingridâ€™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. Use the following information for questions 3â€“6. During August, 2008, Salâ€™s Supply Store generated revenues of \$30,000. The companyâ€™s expenses were as follows: cost of goods sold of \$12,000 and operating expenses of \$2,000. The company also had rent revenue of \$500 and a gain on the sale of a delivery truck of \$1,000. 3. Salâ€™s gross profit for August, 2008 is a. \$30,000. b. \$19,000. c. \$18,000. d. \$16,000. 4. Salâ€™s nonoperating income (loss) for the month of August, 2008 is a. \$0. b. \$500. c. \$1,000. d. \$1,500. 5. Salâ€™s operating income for the month of August, 2008 is a. \$30,000. b. \$19,500. c. \$18,500. d. \$16,000. 6. Salâ€™s net income for August, 2008 is a. \$18,000. b. \$17,500. c. \$16,500. d. \$16,000. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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