Answered: A company shows the following balances:…

A company shows the following balances: Sales Revenue $1,470,000 Sales Returns and Allowances 269,000 Sales Discounts 36,750 Cost of Goods Sold 780,000 What is the gross profit rate %?

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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Question

What is the gross profit rate

A company shows the following balances:
Sales Revenue $1,470,000
Sales Returns and Allowances 269,000
Sales Discounts 36,750
Cost of Goods Sold 780,000
What is the gross profit rate %?

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