Hazard Company had a $30,000 beginning inventory and a $38,000 ending inventory. Net sales were $170,000; purchases, $85,000; purchase returns and allowances, $2,000; and freight in, $9,000. Cost of goods sold for the period is $84,000. What is Hazard's gross profit percentage?

Hazard Company had a $30,000 beginning inventory and a $38,000 ending inventory. Net sales were $170,000; purchases, $85,000; purchase returns and allowances, $2,000; and freight in, $9,000. Cost of goods sold for the period is $84,000. What is Hazard's gross profit percentage?

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

Please provide correct answer general Accounting

Hazard Company had a $30,000 beginning inventory and a
$38,000 ending inventory. Net sales were $170,000;
purchases, $85,000; purchase returns and allowances,
$2,000; and freight in, $9,000. Cost of goods sold for the
period is $84,000.
What is Hazard's gross profit percentage?

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