Homework Help is Here – Start Your Trial Now!
Business
Accounting
A company's net sales were $845,600, its cost of goods sold was $372,064, and its net income was $58,790. Its gross margin ratio equals: A. 56% B. 7% C. 227.3% D. 44% E. 16.2%

A company's net sales were $845,600, its cost of goods sold was $372,064, and its net income was $58,790. Its gross margin ratio equals: A. 56% B. 7% C. 227.3% D. 44% E. 16.2%

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...
See similar textbooks
icon
Related questions
Question
100%

A company's net sales were... Accounting

A company's net sales were $845,600, its cost of goods sold was $372,064, and its net income was $58,790. Its gross margin ratio equals: A. 56% B. 7% C. 227.3% D. 44% E. 16.2%
Transcribed Image Text:A company's net sales were $845,600, its cost of goods sold was $372,064, and its net income was $58,790. Its gross margin ratio equals: A. 56% B. 7% C. 227.3% D. 44% E. 16.2%
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer