Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?a. 53%b. 51%c. 48%d. 47%
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?a. 53%b. 51%c. 48%d. 47%
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 46E
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Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Its
net sales were $164,000 and net purchases were $81,000.
11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?
a. 53%
b. 51%
c. 48%
d. 47%
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