If Cost of Goods sold is 360,000 and the gross profit rate is 40%, what is the gross profit?

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter3: Cost-volume-profit Analysis
Section: Chapter Questions
Problem 3EB: A product has a sales price of $175 and a per-unit contribution margin of $75. What is the...
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What is the gross profit on these general accounting question?

If Cost of Goods sold is 360,000
and the gross profit rate is 40%,
what is the gross profit?
Transcribed Image Text:If Cost of Goods sold is 360,000 and the gross profit rate is 40%, what is the gross profit?
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