Just the 2d question and if its favorable or unfavorable. c. Calculate the cost of goods sold.Cost of goods soldd. Calculate the gross profit ratio. (Round your final answer to 2 decimal places.)Gross profit ratioAnalysis Component:Westlawn experienced a gross profit ratio for the year ended May 31, 2019, of 22%. Is the change in gross profit ratio for the yearended May 31, 2020 favourable or unfavourable as compare to May 31, 2019?FavourableO Unfavourable Westlawn Company discloses the following for the year ended May 31, 2020:Sales$486, e00Sales discounts5, 00012,100115,00023, seeSales returnsGross profit from salesLosRequired:a. Calculate the net sales.Net salesb. Calculate the total operating expenses.Total operating expensesc. Calculate the cost of goods sold.

Formula: Net sales = Sales - sales discount - sales returns. Gross profit ratio = ( Gross profit /…

Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486, eee 5, eee 12,1ee Sales discounts Sales returns Gross profit from sales 115, eee Loss 23, see Requlred: a. Calculate the net sales. Net sales b. Calculate the total operating expenses. Total operating expenses c. Calculate the cost of goods sold.

Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486, eee 5, eee 12,1ee Sales discounts Sales returns Gross profit from sales 115, eee Loss 23, see Requlred: a. Calculate the net sales. Net sales b. Calculate the total operating expenses. Total operating expenses c. Calculate the cost of goods sold.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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