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Given below are the account balances for Coastal Industries: -Gross sales, $142,000 -Sales returns and allowances, $8,500 -Selling expenses, $17,200 -Cost of goods sold, $68,500 -Interest expense, $4,100 How much is the gross profit margin?

Given below are the account balances for Coastal Industries: -Gross sales, $142,000 -Sales returns and allowances, $8,500 -Selling expenses, $17,200 -Cost of goods sold, $68,500 -Interest expense, $4,100 How much is the gross profit margin?

Intermediate Accounting: Reporting And Analysis
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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How much is the gross profit margin?

Given below are the account balances for Coastal Industries: -Gross sales, $142,000 -Sales returns and allowances, $8,500 -Selling expenses, $17,200 -Cost of goods sold, $68,500 -Interest expense, $4,100 How much is the gross profit margin?
Transcribed Image Text:Given below are the account balances for Coastal Industries: -Gross sales, $142,000 -Sales returns and allowances, $8,500 -Selling expenses, $17,200 -Cost of goods sold, $68,500 -Interest expense, $4,100 How much is the gross profit margin?
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