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Given below are the account balances for Westside Distributors: Gross sales, $245,000 Sales returns and allowances, $12,500 Selling expenses, $32,000 Cost of goods sold, $139,500 Interest expense, $7,500 How much is the gross profit margin?

Given below are the account balances for Westside Distributors: Gross sales, $245,000 Sales returns and allowances, $12,500 Selling expenses, $32,000 Cost of goods sold, $139,500 Interest expense, $7,500 How much is the gross profit margin?

Principles of Accounting Volume 1
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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How much is the gross profit margin for this financial accounting question?

Given below are the account balances for Westside Distributors: Gross sales, $245,000 Sales returns and allowances, $12,500 Selling expenses, $32,000 Cost of goods sold, $139,500 Interest expense, $7,500 How much is the gross profit margin?
Transcribed Image Text:Given below are the account balances for Westside Distributors: Gross sales, $245,000 Sales returns and allowances, $12,500 Selling expenses, $32,000 Cost of goods sold, $139,500 Interest expense, $7,500 How much is the gross profit margin?
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