GS Retail reported the following for the past two fiscal years: Net sales 2021 2020 $989,000 $796,000 Cost of goods sold 624,059 496,704 Profit 75,164 66,864 Calculate the gross profit margin and profit margin for both years.

GS Retail reported the following for the past two fiscal years: Net sales 2021 2020 $989,000 $796,000 Cost of goods sold 624,059 496,704 Profit 75,164 66,864 Calculate the gross profit margin and profit margin for both years.

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

Calculate the gross profit margin and profit margin for bot year ?

GS Retail reported the following for the past two fiscal
years:
Net sales
2021
2020
$989,000 $796,000
Cost of goods sold 624,059 496,704
Profit
75,164
66,864
Calculate the gross profit margin and profit margin for
both years.

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