Assume that the cost of goods sold was $70,000. If Econo Company sold 10,000 units during July and the gross margin totaled $30,000, what was the sales price per unit? a. $10.11 b. $9.94 c. $10 d. $10.09

Assume that the cost of goods sold was $70,000. If Econo Company sold 10,000 units during July and the gross margin totaled $30,000, what was the sales price per unit? a. $10.11 b. $9.94 c. $10 d. $10.09

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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Question

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Assume that the cost of goods sold was $70,000. If Econo
Company sold 10,000 units during July and the gross margin
totaled $30,000, what was the sales price per unit?
a. $10.11
b. $9.94
c. $10
d. $10.09

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