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Unformatted text preview: Lab Assignment #4 Please complete the following problems in Microsoft Word and upload as a .doc file to Moodle. This assignment is due prior to your lab starting next week. Where indicated, please create and format a table for the information. Please type your work and show the formulas used. Each question is worth 2 points. 1. This year for the Fall period your entire department your entire department was estimated to produce a gross margin of $618,750 because the expenses were estimated at $562,500. The projected net profit for the period was set at 4%. a. What gross margin percentage was required to achieve the desired profit? 618750-562600=56250 (gross margin) X.04 = 2250 + 56250= 58500 56250/58500= 96% b. What operating expenses percentage had to be maintained to achieve these results? 5% 2. Express the gross margin as a percentage if: Gross Sales: $283,000 Customer Returns: $7,000 Billed Cost of Goods: $137,000 Inward Freight: $5,000 Workroom Charges: $3,000 Cash Discounts: 6% 283000-7000= 276000 (net sales)-137000= 139000 (GM)...
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This note was uploaded on 02/14/2012 for the course HUEC 3043 taught by Professor Freeman during the Fall '10 term at LSU.
- Fall '10