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A retailer shows the following balances: Sales: $780,000 Cost of goods sold: $468,000 Sales returns and allowances: $45,000 Sales discounts: $18,000 Operating expenses: $134,000 Income tax expense: $28,600 What is the gross profit margin? A. 40.0% B. 34.5% C. 43.2% D. 38.9%

A retailer shows the following balances: Sales: $780,000 Cost of goods sold: $468,000 Sales returns and allowances: $45,000 Sales discounts: $18,000 Operating expenses: $134,000 Income tax expense: $28,600 What is the gross profit margin? A. 40.0% B. 34.5% C. 43.2% D. 38.9%

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 retailer shows the following balances: Sales: $780,000 Cost of goods sold: $468,000 Sales returns and allowances: $45,000 Sales discounts: $18,000 Operating expenses: $134,000 Income tax expense: $28,600 What is the gross profit margin? A. 40.0% B. 34.5% C. 43.2% D. 38.9%
Transcribed Image Text:A retailer shows the following balances: Sales: $780,000 Cost of goods sold: $468,000 Sales returns and allowances: $45,000 Sales discounts: $18,000 Operating expenses: $134,000 Income tax expense: $28,600 What is the gross profit margin? A. 40.0% B. 34.5% C. 43.2% D. 38.9%
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