accounting-.Erosion Control Products had sales of $150,000, sales returns

QUESTION

Question 1.1.Erosion Control Products had sales of $150,000, sales returns and allowances of $13,500, and sales discounts of $5,400. They reported cost of goods sold of $90,000 and $30,000 in operating expenses. What was Erosion Control Product’s gross profit? (Points : 20) $41,100 $11,100 $78,900 $48,900Question 2.2.Gross profit percentage is a measure of ________. (Points : 20) safety profitability liquidity efficiencyQuestion 3.3.Goods that are shipped FOB Destination indicates that the buyer ________. (Points : 20) takes ownership of the goods at the delivery destination point takes ownership of the goods at the shipping point is responsible for freight-in on goods purchased from the supplier is responsible for freight-out on goods shipped to customers.Question 4.4.At the end of the period, the balance in inventory was $30,250. A physical count showed that the actual ending inventory balance was $29,500. What affect did the adjusting entry recorded to adjust ending inventory to actual have on the income statement? (Points : 20) increased operating expenses decreased operating expenses increased gross profit decreased gross profitQuestion 5.5.GregCo had the following account balances:Sales$250,000Cost of Goods Sold$162,500Inventory on January 1st, 20X1$52,000Inventory on December 1st, 20X1$45,000 GregCo had an inventory turnover of ________. (Points : 20) 0.35 3.35 3.61 1.68

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