If sales = $455,000, purchases = $225,000, beginning inventory = $150,000 and ending inventory = $118,000, gross profit is:$198,000$230,000$75,000$257,000

Given the information below, what is the gross profit? Sales revenue $ 345,000Accounts receivable 53,000Ending inventory 113,000Cost of goods sold 239,000Sales returns 23,000Multiple Choice$86,000$83,000$209,000$106,000

If a firm has a closing inventory of Rs. 25,000, direct expenses incurred during the year are Rs. 48,000, and the sales are Rs. 1,35,000. What is the amount of gross profit earned during the year? Rs. 62,000 Rs. 1,12,000 Rs. 1,58,000 Rs. 76,000

If sales revenue is $600,000 and cost of sales is $450,000, the gross profit margin is:33%25%67%75%

Identify the different names given to the income statement.Define each of the following terms and, where relevant, write down the mathematical equation that would help in calculating the figure.SalesCost of goods soldGross profitNet profitCalculate the cost of goods sold (COGS), given the following information:  $Sales 700 000Stock (opening) 100 000Purchases of stock 400 000Closing stock 50 000Using the figures from question 3, calculate gross profit.Using your workings from questions 3 and 4, calculate the value of net profit (or loss) if expenses for the period totalled $80 000.Anita Toparis owns and operates Petal’s Florist. Last year Anita had a sales revenue of $285 000. Her cost of goods sold totalled $115 000. Her operating expenses were: electricity $5000, advertising $11 000, interest charges $5000, salaries $62 000 and rent $25 000. Construct an income statement (statement of financial performance) for Anita and tell her whether she has made a net profit.Distinguish between selling, administrative and financial expenses, giving examples for each.Explain how an income statement can provide useful information to a business and its stakeholders.

Assume that Concord Corporation uses a periodic inventory system and has these account balances: Purchases $403,200, Purchase Returns and Allowances $13,400, Purchase Discounts $10,100, and Freight-In $19,100. Assume also that Concord Corporation has beginning inventory of $61,100, ending inventory of $88,700, and net sales of $660,200.Determine the amounts to be reported for cost of goods sold and gross profit.Cost of goods sold$enter cost of goods sold in dollars Gross profit$