Evercrest Clothing Co. reported total sales revenue of $420,000 for the year. The company's cost of goods sold (COGS) for the same period was $273,000. What is the Gross Margin for Evercrest Clothing Co.?

Evercrest Clothing Co. reported total sales revenue of $420,000 for the year. The company's cost of goods sold (COGS) for the same period was $273,000. What is the Gross Margin for Evercrest Clothing Co.?

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

I am looking for the correct answer to this general accounting question with appropriate explanations.

Evercrest Clothing Co. reported total sales revenue of $420,000 for the
year. The company's cost of goods sold (COGS) for the same period
was $273,000.
What is the Gross Margin for Evercrest Clothing Co.?

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