A retailer purchased a batch of merchandise for 5,000. Additional costs for transportation and handling amounted to 500. If the retailer expects to sell the merchandise for 8,000, what is the gross profit margin as a percentage?

#1 merchandising

Quiz
•
Specialty
•
12th Grade
•
Hard
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Used 1+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
37.5
60
62.5
40
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
A merchandising company purchases inventory for $10,000 on account with credit terms of 2/10, net 30. What is the amount due if the company pays within the discount period?
$10,000
$9,800
$9,600
$9,000
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
A retailer sells goods for $10,000 cash, which includes sales tax of 6%. What is the amount of the sales tax collected by the retailer?
$600
$500
$560
$540
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
A company's beginning inventory is $20,000, purchases during the period total $30,000, and the ending inventory is $15,000. What is the cost of goods sold (COGS)?
$35,000
$25,000
$30,000
$20,000
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If a company's net sales are $50,000, sales discounts are $1,000, and sales returns and allowances are $2,000, what is the company's net sales revenue?
$53,000
$49,000
$47,000
$48,000
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
A company's income statement reports net sales of $100,000, cost of goods sold of $60,000, and operating expenses of $20,000. What is the company's gross profit?
$40,000
$80,000
$20,000
$100,000
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
A company's beginning inventory was $50,000. During the period, it made purchases totaling $100,000 and had ending inventory of $70,000. If the company's cost of goods sold (COGS) was $80,000, what was its gross profit?
$70,000
$90,000
$60,000
$110,000
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