Answered: A company’s net sales are $675,000, its…

A company’s net sales are $675,000, its cost of goods sold is $459,000, and its net income is $74,250. Its gross margin ratio equals a. 32%. c. 47%. e. 34%. b. 68%. d. 11%.

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’s net sales are $675,000, its cost of goods sold
is $459,000, and its net income is $74,250. Its gross margin
ratio equals
a. 32%. c. 47%. e. 34%.
b. 68%. d. 11%.

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