contestada

Nueva Company reported the following pretax data for its first year of operations. Net sales 7,340 Cost of goods available for sale 5,790 Operating expenses 1,728 Effective tax rate 25 % Ending inventories: If LIFO is elected 618 If FIFO is elected 798 What is Nueva's gross profit ratio (rounded) if it elects FIFO?

Respuesta :

zunesyed

Answer:

32%

Explanation:

The net sales of the Nueva Company is $7340. If good available for sales cost $5790 and the company opted FIFO method, then the cost of goods sold is $4992. Net sales minus COGS = Gross Profit

Solution:

Net sales = $7,340

Cost of goods sold ($5,790 – 798) = 4,992

Gross profit = 2,348

$2,348/$7,340 = 32%

Otras preguntas