The following balances are taken from the records of Mohan Corp. at December 31, 2016, its first year–end:
|
Transportation-in |
$ 500 |
|
Delivery expense |
1,200 |
|
Sales |
25,000 |
|
Purchases |
20,000 |
|
Sales returns and allowances |
2,000 |
|
Purchase returns and allowances |
1,000 |
|
Sales Discounts |
400 |
|
Purchase discounts |
300 |
|
Interest expense |
4,000 |
The inventory at December 31, 2016 amounted to $7,900.
Required:
- Calculate the gross profit.
- What is the gross profit percentage?
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