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A company's net sales were $928,350, its cost of goods sold was $487,520, and its net income was $160,390. Calculate its gross margin ratio.

A company's net sales were $928,350, its cost of goods sold was $487,520, and its net income was $160,390. Calculate its gross margin ratio.

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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Calculate it's gross margin ratio?

A company's net sales were $928,350, its cost of goods sold was $487,520, and its net income was $160,390. Calculate its gross margin ratio.
Transcribed Image Text:A company's net sales were $928,350, its cost of goods sold was $487,520, and its net income was $160,390. Calculate its gross margin ratio.
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