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

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

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

100%

General Accounting

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

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