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  3. exercise 5-08 a-b financial information for two co

Exercise 5-08 a-b Financial information for two companies are presented below. ...

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Accounting

Exercise 5-08 a-b

Financial information for two companies are presented below.
Fill in the missing amounts.

Metlock, Inc.

Larkspur, Inc.

Sales revenue

 $86,000 $enter a dollar amount

Sales returns and allowances

 enter a dollar amount

4,600

Net sales

 80,000 102,000

Cost of goods sold

 53,600 enter a dollar amount

Gross profit

 enter a subtotal of the two previous amounts

36,720

Operating expenses

 14,400 enter a dollar amount

Net income

 enter a total net income

17,340
Calculate the profit margin and the gross profit rate for each company. (Round answers to 0 decimal places, e.g. 15%.)

Metlock, Inc.

Larkspur, Inc.

Profit margin

 enter percentages rounded to 1 decimal place

% enter percentages rounded to 1 decimal place

%

Gross profit rate

 enter percentages rounded to 1 decimal place

% enter percentages rounded to 1 decimal place

%

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