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A company reported an increase in net sales from $2.8 billion in 2022 to $3.2 billion in 2023, and an increase in gross profit from $840 million in 2022 to $960 million in 2023. Calculate each year's profit percentage.

A company reported an increase in net sales from $2.8 billion in 2022 to $3.2 billion in 2023, and an increase in gross profit from $840 million in 2022 to $960 million in 2023. Calculate each year's profit percentage.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 54CE
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A company reported an increase in net sales from $2.8 billion in 2022 to $3.2 billion in 2023, and an increase in gross profit from $840 million in 2022 to $960 million in 2023. Calculate each year's profit percentage.
Transcribed Image Text:A company reported an increase in net sales from $2.8 billion in 2022 to $3.2 billion in 2023, and an increase in gross profit from $840 million in 2022 to $960 million in 2023. Calculate each year's profit percentage.
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