Brighton Tools Ltd. had a $35,000 beginning inventory and a $32,000 ending inventory. Net sales were $210,000; purchases were $100,000; purchase returns and allowances were $4,000; and freight-in was $6,000. The cost of goods sold (COGS) for the period is $118,000. What is Brighton's gross profit percentage? A. 42.25% B. 32.38% C. 43.81% D. 40.89%

Brighton Tools Ltd. had a $35,000 beginning inventory and a $32,000 ending inventory. Net sales were $210,000; purchases were $100,000; purchase returns and allowances were $4,000; and freight-in was $6,000. The cost of goods sold (COGS) for the period is $118,000. What is Brighton's gross profit percentage? A. 42.25% B. 32.38% C. 43.81% D. 40.89%

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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