Ann's Discount Wholesale Company discloses the following for the year ended May 31, 2020: Sales...
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Accounting
Ann's Discount Wholesale Company discloses the following for the year ended May 31, 2020: Sales Sales discounts Sales returns Gross profit from sales Loss $501,000 6,500 13,600 130,000 31,000 Required: a. Calculate the net sales. Net sales $ 109,900 b. Calculate the total operating expenses. Total operating expenses c. Calculate the cost of goods sold. Cost of goods sold d. Calculate the gross profit ratio. (Round your final answer to 2 decimal places.) Gross profit ratio % Analysis Component: Ann's experienced a gross profit ratio for the year ended May 31, 2019, of 23%. Is the change in gross profit ratio for the year ended May 31, 2020 favourable or unfavourable as compare to May 31, 2019? Favourable O Unfavourable
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