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Carol's Coat Closet had sales of $534,000 and the cost of goods sold of $157,300. a) What is the gross profit margin? b) If the average firm in the clothing industry had a gross profit margin of 60 percent, how is the firm doing?

Carol's Coat Closet had sales of $534,000 and the cost of goods sold of $157,300. a) What is the gross profit margin? b) If the average firm in the clothing industry had a gross profit margin of 60 percent, how is the firm doing?

FINANCIAL ACCOUNTING
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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Carol's Coat Closet had sales of $534,000 and the cost of goods sold of $157,300. a) What is the gross profit margin? b) If the average firm in the clothing industry had a gross profit margin of 60 percent, how is the firm doing?
Transcribed Image Text:Carol's Coat Closet had sales of $534,000 and the cost of goods sold of $157,300. a) What is the gross profit margin? b) If the average firm in the clothing industry had a gross profit margin of 60 percent, how is the firm doing?
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