Answered: Blossom Corp. has annual sales totaling…

Blossom Corp. has annual sales totaling $1146000 and an average gross profit of 20% of cost. What is the dollar amount of the gross profit? $286500. $171900. $229200. $191000.

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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Question

Blossom Corp. has annual sales totaling $1146000 and an average gross profit of 20% of cost. What is the dollar amount of the gross profit?

$286500.

$171900.

$229200.

$191000.

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