Given the following information, what is the gross margin percentage? Sales Sales discounts $129,400 6,100 Sales returns and allowances 4,700 Transportation-In Cost of goods sold A. 55.4%. B. 47.8% C. 54.6% D. 50.4% 5,900 58,800

Given the following information, what is the gross margin percentage? Sales Sales discounts $129,400 6,100 Sales returns and allowances 4,700 Transportation-In Cost of goods sold A. 55.4%. B. 47.8% C. 54.6% D. 50.4% 5,900 58,800

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

General accounting question please provide correct answer

Given the following information, what is the gross margin percentage?
Sales
Sales discounts
$129,400
6,100
Sales returns and allowances 4,700
Transportation-In
Cost of goods sold
A. 55.4%.
B. 47.8%
C. 54.6%
D. 50.4%
5,900
58,800

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