Answered: A company's net sales were $677,900,…

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

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

Solve this accounting question problem

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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