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Tomas Briggs and Sons reviewed their first year operations. Gross sales were $204,000 Customer returns and allowances were $18,000 The cost of the merchandise they sold was $90,000 First-year expenses were $84,000 The overall profit before taxes was $12,000 Represent the following in percentages: Total net sales in dollars were The cost of the merchandise sold was First-year expenses were Overall profit was Don't forget how to calculate net sales!

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Answer:

Percentage of total net sales = 91.17%

The percentage of cost of merchandise sold = 44.11 %

Percentage of First year expenses = 41.17 %

Percentage of Overall profit = 5.88 %

Step-by-step explanation:

Given:

Gross sales= $204,000

Customer returns and allowances = $18,000

Cost of the merchandise they sold = $90,000

overall profit before taxes = $12,000

Now,

The Net sales = Gross sales - sales returns  

or

The net sales = $204,000 - $18,000 = $186,000

Thus,

Percentage of total net sales = [tex]\frac{\textup{Net sales}}{\textup{Gross sales}}\times100[/tex]

or

Percentage of total net sales = [tex]\frac{186,000}{204000}\times100[/tex]

or

Percentage of total net sales = 91.17%

Now,

The percentage of cost of merchandise sold = [tex]\frac{\textup{cost of the merchandise sold }}{\textup{Gross sales}}\times100[/tex]

or

The percentage of cost of merchandise sold = [tex]\frac{\textup{90,000}}{\textup{204,000}}\times100[/tex]

or

The percentage of cost of merchandise sold = 44.11 %

And,

Percentage of First year expenses = [tex]\frac{\textup{Expenses}}{\textup{Gross sales}}\times100[/tex]

or

Percentage of First year expenses = [tex]\frac{\textup{84000}}{\textup{204000}}\times100[/tex]

or

Percentage of First year expenses = 41.17 %

also,

Percentage of Overall profit = [tex]\frac{\textup{Overall profit}}{\textup{Gross sales}}\times100[/tex]

or

Percentage of Overall profit = [tex]\frac{\textup{12,000}}{\textup{204,000}}\times100[/tex]

or

Percentage of Overall profit = 5.88 %

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