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.

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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Question

Company's gross profit percentage?

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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