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A company's net sales were $677,900, its cost of goods sold was $223,810, and its net income was $35,050. Its gross margin ratio equals: A. 302.9% B. 33% C. 67% D. 5.2% E. 10.7%

A company's net sales were $677,900, its cost of goods sold was $223,810, and its net income was $35,050. Its gross margin ratio equals: A. 302.9% B. 33% C. 67% D. 5.2% E. 10.7%

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 were $677,900, its cost of goods sold was $223,810, and its net income was $35,050. Its gross margin ratio equals: A. 302.9% B. 33% C. 67% D. 5.2% E. 10.7%
Transcribed Image Text:A company's net sales were $677,900, its cost of goods sold was $223,810, and its net income was $35,050. Its gross margin ratio equals: A. 302.9% B. 33% C. 67% D. 5.2% E. 10.7%
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