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Granville Corporation, a merchandising company, reported the following results for August: Category Amount ($) Sales $525,000 Cost of goods sold (all variable) $225,000 Total variable selling expense $25,500 Total fixed selling expense $30,000 Total variable administrative expense $18,000 Total fixed administrative expense $45,500 The gross margin for August is: a) $300,000 b) $126,000 c) $360,000 d) $179,500

Granville Corporation, a merchandising company, reported the following results for August: Category Amount ($) Sales $525,000 Cost of goods sold (all variable) $225,000 Total variable selling expense $25,500 Total fixed selling expense $30,000 Total variable administrative expense $18,000 Total fixed administrative expense $45,500 The gross margin for August is: a) $300,000 b) $126,000 c) $360,000 d) $179,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gross margin for August? General accounting

Granville Corporation, a merchandising company, reported the following results for August: Category Amount ($) Sales $525,000 Cost of goods sold (all variable) $225,000 Total variable selling expense $25,500 Total fixed selling expense $30,000 Total variable administrative expense $18,000 Total fixed administrative expense $45,500 The gross margin for August is: a) $300,000 b) $126,000 c) $360,000 d) $179,500
Transcribed Image Text:Granville Corporation, a merchandising company, reported the following results for August: Category Amount ($) Sales $525,000 Cost of goods sold (all variable) $225,000 Total variable selling expense $25,500 Total fixed selling expense $30,000 Total variable administrative expense $18,000 Total fixed administrative expense $45,500 The gross margin for August is: a) $300,000 b) $126,000 c) $360,000 d) $179,500
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