An item that cost $90 is sold for $120. The gross profit ratio for this item is: A. 20% B. 25% C. 33.3% D. 60%
An item that cost $90 is sold for $120. The gross profit ratio for this item is: A. 20% B. 25% C. 33.3% D. 60%
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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![An item that cost $90 is sold for $120. The gross profit ratio for this
item is:
A. 20%
B. 25%
C. 33.3%
D. 60%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda01731a-209d-49e3-a9e8-881d249ccfbe%2F9f6823af-b7a1-4235-be09-334aea8a3898%2F83wx8u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An item that cost $90 is sold for $120. The gross profit ratio for this
item is:
A. 20%
B. 25%
C. 33.3%
D. 60%
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