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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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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