P&P Skateboards had net sales of $2,800,000, its cost of goods sold was $1,800,000, and its net income was $1,200,000. Its gross margin ratio equals: Multiple Choice 156%. 43%. 67%. 64%. 36%.
Added by Amy J.
Step 1
Step 1: Calculate the Gross Profit Gross Profit = Net Sales - Cost of Goods Sold Gross Profit = $2,800,000 - $1,800,000 Gross Profit = $1,000,000 Show more…
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A company’s net sales are $675,000, its cost of goods sold is $459,000, and its net income is $74,250. Its gross margin ratio equals a. 32%. c. 47%. e. 34%. b. 68%. d. 11%.
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Sales (all on account): $807,000 Cost of goods sold: $446,000 Gross margin: $361,000 Selling and administrative expense: $186,000 Net operating income: $175,000 Interest expense: $39,000 Net income before taxes: $136,000 Income taxes: $40,000 Net income: $96,000
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