Corby Distilleries Supplied the Following Data at the End of the Current

question 61

Essay

Corby Distilleries supplied the following data at the end of the current year.
Required:
$\begin{array}{lr}\text { Finished goods inventory, Jan } 1 . & 12,000 \\\text { Finished goods inventory, Dec. } 31 & 7,500 \\\text { Cost of goods manufactured } & 152,380 \\\text { Sales revenue } & 212,000 \\\text { Sales commissions } & 19,080 \\\text { Research and development costs } & 15,900\end{array}$ A. Calculate the cost of goods sold percent.
B. Calculate the gross margin percent.
C. Calculate the selling expense percent.
D. Calculate the administrative expense percent.
E. Calculate the operating income percent.

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Definitions:

Signaling View

An economic theory that suggests that education serves as a signal to employers about a potential employee's abilities.

Surplus Of Labor

An excess supply of labor in the job market, where the number of workers seeking employment exceeds the number of job vacancies.

Surplus Of Workers

A situation in the labor market where the number of individuals looking for employment exceeds the number of available jobs, often leading to higher unemployment rates.

Signaling Theory

A theoretical framework that explains how individuals or entities use certain signals or indicators to show their desirable qualities in various markets, including job and education markets.