Answered: Given the following information, what…

Given the following information, what is the gross margin percentage? Sales Sales Discounts $570,000 9,800 Sales Returns and Allowances 44,000 Cost of Goods Sold a) 37% b) 38% c) 44% d) 62% 320,000

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

Need answer the accounting question please solve this one

Given the following information, what is the gross margin percentage?
Sales
Sales Discounts
$570,000
9,800
Sales Returns and Allowances 44,000
Cost of Goods Sold
a) 37%
b) 38%
c) 44%
d) 62%
320,000

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