Don't use ai given answer accounting questions Given account balances:Gross sales: $200,000Sales returns: $8,000COGS: $95,000How much is the gross profit margin? Write the percentage as adecimal rounded to two decimal places.

Step 1: Definition of Gross Profit MarginGross profit margin represents the percentage of revenue…

Answered: Given account balances: Gross sales:…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold $202,200 Rent expense 6,400 Sales discounts $33,600 Freight-out 8,100 Insurance expense 12,500 Sales returns and allowances 17,600 Salaries and wages expense 64,000 Sales revenue 395,500 Income tax expense 4,200 Other comprehensive income (net of $400 tax) 2,000
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The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?

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Given account balances: Gross sales: $200,000 Sales returns: $8,000 COGS: $95,000 How much is the gross profit margin? Write the percentage as a decimal rounded to two decimal places.