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Cullumber reported the following in its comparative income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2025 $99,500 57,710 14,000 12,500 $15,290 2024 $124,000 75,640 Gross profit rate for 2025 19,000 15,300 $14,060 Calculate the gross profit rate for 2025. (Round answer to 0 decimal places, e.g. 52%) %

Cullumber reported the following in its comparative income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2025 $99,500 57,710 14,000 12,500 $15,290 2024 $124,000 75,640 Gross profit rate for 2025 19,000 15,300 $14,060 Calculate the gross profit rate for 2025. (Round answer to 0 decimal places, e.g. 52%) %

Managerial Accounting: The Cornerstone of Business Decision-Making
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 35BEB: The income statement, statement of retained earnings, and balance sheet for Santiago Systems are as...
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Cullumber reported the following in its comparative income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income. 2025 $99,500 57,710 14,000 12,500 $15,290 2024 $124,000 Gross profit rate for 2025 75,640 19,000 15,300 $14,060 Calculate the gross profit rate for 2025. (Round answer to 0 decimal places, e.g. 52%.) %
Transcribed Image Text:Cullumber reported the following in its comparative income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income. 2025 $99,500 57,710 14,000 12,500 $15,290 2024 $124,000 Gross profit rate for 2025 75,640 19,000 15,300 $14,060 Calculate the gross profit rate for 2025. (Round answer to 0 decimal places, e.g. 52%.) %
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