The gross profit of Ana’s sari-sari store last year was 40% of the total sales. source: How much was the gross profit if total sales were P480,500?a. P100,000 b. P192,500 c. P192,200 d. P500,120

The amount of money that a firm receives from the sale of its output is called

a. Total gross profit

b. Total net profit

c. Total revenue

d. Net revenue

a. Determine the total sales and the total cost of merchandisesold for the period. Journalize the entries in the sales and costof merchandise sold accounts. Assume that all sales were onaccount.

b. Determine gross profit from sales for the period

c. determine the ending inventory cost.

d. based upon the preceding data, would you expect the inventoryusing the last in, first out method to be higher or lower.

a. Hillary Swank Clothiers had sales of $383,000 and a cost of goods sold of $260,000. What is the gross profit margin (ratio of gross profit to sales)?

b. If the average firm in the clothing industry had a gross profit of 25 percent, how is the firm doing?