Assume Old Oak Winery made Net Sales Revenue of $73,000 and Cost of Goods Sold totaled $50,000. What wasOld Oak Winery's gross profit percentage for this period? (Round your answer to the nearest whole percent.)OA. 2.5 timesOB. 4%OC. 32%OD. 68%

The gross profit is calculated as difference between sales and cost of goods sold. The gross profit…

Answered: Assume Old Oak Winery made Net Sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume Old Oak Winery made Net Sales Revenue of $73,000 and Cost of Goods Sold totaled $50,000. What was Old Oak Winery's gross profit percentage for this period? (Round your answer to the nearest whole percent.) OA. 2.5 times OB. 4% OC. 32% OD. 68%