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A company had net sales of $780,300 and cost of goods sold of $557,970. Its net income was $23,830. Calculate the company's gross margin ratio.

A company had net sales of $780,300 and cost of goods sold of $557,970. Its net income was $23,830. Calculate the company's gross margin ratio.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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A company had net sales of $780,300 and cost of goods sold of $557,970. Its net income was $23,830. Calculate the company's gross margin ratio.
Transcribed Image Text:A company had net sales of $780,300 and cost of goods sold of $557,970. Its net income was $23,830. Calculate the company's gross margin ratio.
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