Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jkl traders has the following figures for the mont

JKL Traders has the following figures for the month of May 2018 in two categories...

90.2K

Verified Solution

Question

Accounting

JKL Traders has the following figures for the month of May 2018 in two categories (20marks)

A B Sales to the public at manufacturer' recommended list price 60,000 140,000 Trade discount allowed to retailers 20% 25% Total expenses as a percentage of Sales 10% 10% Annual rate of inventory turnover 12 20

Calculate:

i. Cost of goods sold

ii. Gross profit

iii. Total expenses

iv. Net Profit

v. Average inventory at cost, assuming that sales are distributed evenly over the year, and that there are twelve equal months in the year.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

If 1 grams of sodium bicarbonate are decomposed, determine the combined mass loss (in grams) of...

Biology
1.2K views

Is this a good answer? Would you add anything to it? Thank you 2) Autoimmune polyendocrinopathy ectodermal...

Basic Math
1.2K views

5.29 Catalog Age lists the top 17 U.S. ?rms in annual catalog sales. Dell Computer is...

Physics
1.2K views

14 A solid cylinder of mass m length 1 and radius r is rotating about...

Physics
1.2K views

A train is moving slowly at 2 m s next to a railway platform A...

Geometry
1.2K views

5 What is the scale factor that dilates quadrilateral HIJK to quadrilateral H I J...

Basic Math
1.2K views

Which function has the smallest local minimum in the interval 3 x 3 f x...

Accounting
1.2K views

6 (Do Not Open Untll You Are Ready to Complete)

Accounting
1.2K views

Carla Vista Fiber Company is the creator of Y-Ge, a technology that weaves silver into...

Accounting
1.2K views

A company suffered loss from embezzlement and misappropriation. In relation to which entity can a...

Accounting
1.2K views

Required information The following information applies to the questions displayed below. Carmen Camry operates a...

Accounting
1.2K views

Refer to the financial statements of The Home Depot in Appendix A. (Note: Fiscal 2016...