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Computing the gross profit percentage Edible Art earned net sales revenue of $63,000,000 in 2016. The cost of goods sold was $40,950,000, and net income reached $8,000,000, the company s highest ever. Compute the company s gross profit percentage for 2016.

Computing the gross profit percentage Edible Art earned net sales revenue of $63,000,000 in 2016. The cost of goods sold was $40,950,000, and net income reached $8,000,000, the company s highest ever. Compute the company s gross profit percentage for 2016.

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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Computing the gross profit percentage Edible Art earned net sales revenue of $63,000,000 in 2016. The cost of goods sold was $40,950,000, and net income reached $8,000,000, the company s highest ever. Compute the company s gross profit percentage for 2016.
Transcribed Image Text:Computing the gross profit percentage Edible Art earned net sales revenue of $63,000,000 in 2016. The cost of goods sold was $40,950,000, and net income reached $8,000,000, the company s highest ever. Compute the company s gross profit percentage for 2016.
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