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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%

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
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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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%
Transcribed Image Text: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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