General Accounting: A consumer products company reported a 5.4% increase in sales from 2017 to 2018. Sales in 2017 were $29,600. In 2018, the company reported cost of goods sold in the amount of $9,107. What was the gross profit percentage in 2018?

General Accounting: A consumer products company reported a 5.4% increase in sales from 2017 to 2018. Sales in 2017 were $29,600. In 2018, the company reported cost of goods sold in the amount of $9,107. What was the gross profit percentage in 2018?

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 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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Question

Gross Profit ℅?

General Accounting:
A consumer products company reported
a 5.4% increase in sales from 2017 to
2018. Sales in 2017 were $29,600. In
2018,
the company reported cost of
goods sold in the amount of $9,107.
What was the gross profit percentage
in 2018?

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General Accounting