A company reported the following information for the month of July: Description Sales Sales Discounts Amount $65,250 $450 Sales Returns and Allowances $3,800 Cost of Goods Sold (COGS) $41,000 Calculate this company's gross margin ratio.

A company reported the following information for the month of July: Description Sales Sales Discounts Amount $65,250 $450 Sales Returns and Allowances $3,800 Cost of Goods Sold (COGS) $41,000 Calculate this company's gross margin ratio.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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I am searching for the correct answer to this general accounting problem with proper accounting rules.

A company reported the following information for
the month of July:
Description
Sales
Sales Discounts
Amount
$65,250
$450
Sales Returns and Allowances $3,800
Cost of Goods Sold (COGS)
$41,000
Calculate this company's gross margin ratio.

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