A company shows the following balances: Sales Revenue $2962000 Sales Returns and Allowances 402000 Sales Discounts 60000 Cost of Goods Sold 1350000 What is the gross profit rate? 46.0% 58.0% 54.0% 66.0%

A company shows the following balances: Sales Revenue $2962000 Sales Returns and Allowances 402000 Sales Discounts 60000 Cost of Goods Sold 1350000 What is the gross profit rate? 46.0% 58.0% 54.0% 66.0%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A company shows the following balances:

Sales Revenue $2962000
Sales Returns and Allowances 402000
Sales Discounts 60000
Cost of Goods Sold 1350000

What is the gross profit rate?

46.0%
58.0%
54.0%
66.0%

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