4) For the Gilmore Company, during 2020, merchandise is sold for $142,000 cash and $410,700...
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4) For the Gilmore Company, during 2020, merchandise is sold for $142,000 cash and $410,700 on account. The cost of the merchandise (goods) sold is $322,375. What is the amount of the gross margin? The following information is available for Sheldon Leonard Company: Operating Expenses Cost of Goods Sold Sales Revenue Sales Returns and Allowances $ 70,000 200,000 394,000 17,000 Instructions: Compute each of the following: 1. (a) Net sales 2. (b) Gross margin (in dollars) 3. (c) Income from operations 4. (d) Gross profit margin ratio (a percentage, using Net Sales as your base of 100%)
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