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Chapter 5 Part 1

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

cost of goods sold   entity's cost of its inventory that has been sold to customers  
cost of sales   merchandiser's major expense  
gross margin   net sales revenue minus cost of goods sold  
gross margin percentage   one of the most carefully watched measures of profitability(see gross profit percentage)  
gross profit   net sales revenue minus cost of goods sold  
gross profit percentage   (gross profit)/(net sales revenue)= xx.x% [see gross margin percentage]  
income from operations   gross profit minus operating expenses plus any other operating revenues equals this  
inventory   includes all the goods a company owns and holds for sale in the normal course operations  
inventory turnover   the ratio of cost of goods sold to average inventory, indicates how rapidly inventory is sold  
invoice   sellers request for cash from the purchaser  
multi-step income statement   lists important subtotals and in addition to net income reports gross profit and income from operations  


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