Fill in the missing amounts.
Yoste Company

Noone Company

Sales revenue $90,000
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Sales returns and allowances
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$ 5,000
Net sales 84,000 100,000
Cost of goods sold 58,000
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Gross profit


40,000
Operating expenses 14,380


Net income
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17,000
SHOW LIST OF ACCOUNTS

Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e. g. 15.5%.)
Yoste Company

Noone Company

Profit margin
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%
Fill in the missing amounts. &nbs

%
Gross profit rate
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%
Fill in the missing amounts. &nbs

%

Solution

                                                         Yoste CompanyNoone Company

Sales revenue($100,000 + $5,000)             $90,000      $105,000

Sales returns and allowances                        ($6,000)         ($5,000)

Net sales                                                         $84,000  $100,000

Cost of goods sold($100,000 - $40,000)          ($58,000)($60,000)

Gross profit($84,000 - $58,000)                         $26,000            $40,000

Operating expenses($40,000 - $17,000)         ($14,380)           ($23,000)

Net income($26,000 - $14,380)                          $11,620          $17,000

Yoste Company :

Profit Margin Ratio = $11,620 divide by $84,000 = 13.83%

Gross Profit Rate = $26,000 divide by $84,000 = 30.95%

Noone Company:

Profit Margin Ratio = $17,000 divide by $100,000 = 17%

Gross Profit Rate = $40,000 divide by $100,000 = 40%

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