1. Baruch Company reports following common-size income statement for the year ended December 31, 2022. Sales Cost of Goods Sold Year ended December 31, 2022 100% 60% For 2022, Baruch Company sold 250 million units at a sale price of $1 each. What is the dollar amount of gross profits in 2022? A. $100 million B. $80 million C. $60 million D. None of above E. Can't tell. More information is needed.

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Chapter1: Investments: Background And Issues
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1. Baruch Company reports following common-size income statement for the year
ended December 31, 2022.
Sales
Cost of Goods Sold
Year ended December 31, 2022
100%
60%
For 2022, Baruch Company sold 250 million units at a sale price of $1 each.
What is the dollar amount of gross profits in 2022?
A. $100 million
B. $80 million
C. $60 million
D. None of above
E. Can't tell. More information is needed.
Transcribed Image Text:1. Baruch Company reports following common-size income statement for the year ended December 31, 2022. Sales Cost of Goods Sold Year ended December 31, 2022 100% 60% For 2022, Baruch Company sold 250 million units at a sale price of $1 each. What is the dollar amount of gross profits in 2022? A. $100 million B. $80 million C. $60 million D. None of above E. Can't tell. More information is needed.
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