A company shows the following balances: Sales Revenue $1,250,000 Sales Returns and Allowances $150,000 Sales Discounts $50,000 Cost of Goods Sold $600,000 What is the gross profit rate? a. 42.86% b. 48% c. 52% d. 57%

A company shows the following balances: Sales Revenue $1,250,000 Sales Returns and Allowances $150,000 Sales Discounts $50,000 Cost of Goods Sold $600,000 What is the gross profit rate? a. 42.86% b. 48% c. 52% d. 57%

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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Quick answer of this accounting questions

A company shows the following balances:
Sales Revenue $1,250,000 Sales Returns and Allowances $150,000 Sales
Discounts $50,000 Cost of Goods Sold $600,000
What is the gross profit rate?
a. 42.86%
b. 48%
c. 52%
d. 57%

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