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%) %

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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