Marina Inc. paid it's staff 75, 234. Its sales amounted 5, 234,567. Utilities paid for is 15,000, and rent of the space for the inventories is twice it's utilities. The supply of goods was sold to them for 2,542,000. How much is the gross profit of the Marina Inc.?
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Answer:
To calculate the gross profit of Marina Inc., we need to first calculate the cost of goods sold (COGS) using the formula:
COGS = Beginning inventory + Purchases - Ending inventory
Since we don't have any information about inventory, we can use the alternative formula:
COGS = Sales - Gross profit
We are given the sales amount as 5,234,567. To calculate the gross profit, we need to subtract the cost of goods sold from the sales amount.
We know that the salaries paid is 75,234 and the utilities paid for is 15,000. We are also given that the rent for the space is twice the utilities, so the rent is 2 x 15,000 = 30,000.
Therefore, the total operating expenses are:
Total operating expenses = Salaries + Utilities + Rent
Total operating expenses = 75,234 + 15,000 + 30,000
Total operating expenses = 120,234
Now, we can calculate the gross profit using the formula:
Gross profit = Sales - Operating expenses - COGS
Gross profit = 5,234,567 - 120,234 - COGS
We need to solve for COGS using the formula:
COGS = Sales - Gross profit
COGS = 5,234,567 - Gross profit
Substituting this into the previous equation, we get:
Gross profit = 5,234,567 - 120,234 - (5,234,567 - Gross profit)
Gross profit = 5,234,567 - 120,234 - 5,234,567 + Gross profit
Gross profit = Gross profit - 120,234
120,234 = 0.023 * Gross profit
Gross profit = 5,234,567 - 120,234 / 0.023
Gross profit = 5,179,713.04
Therefore, the gross profit of Marina Inc. is 5,179,713.04.