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Axton Ltd shows the following balances: Cost of goods sold Income tax expense Operating expenses Sales Sales discounts $217,000 33,600 172,000 550,000 12,000 Sales returns and allowances 37,000 What is the gross profit margin?

Axton Ltd shows the following balances: Cost of goods sold Income tax expense Operating expenses Sales Sales discounts $217,000 33,600 172,000 550,000 12,000 Sales returns and allowances 37,000 What is the gross profit margin?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...
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What is the gross profit margin?

Axton Ltd shows the following balances: Cost of goods sold Income tax expense Operating expenses Sales Sales discounts $217,000 33,600 172,000 550,000 12,000 Sales returns and allowances 37,000 What is the gross profit margin?
Transcribed Image Text:Axton Ltd shows the following balances: Cost of goods sold Income tax expense Operating expenses Sales Sales discounts $217,000 33,600 172,000 550,000 12,000 Sales returns and allowances 37,000 What is the gross profit margin?
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