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If sales are $75,000 and the cost of goods sold was $52,500, calculate the gross profit (or gross margin) ratio: A. 70% B. 30% C. 43% D. 57% E. None of the above

If sales are $75,000 and the cost of goods sold was $52,500, calculate the gross profit (or gross margin) ratio: A. 70% B. 30% C. 43% D. 57% E. None of the above

Intermediate Accounting: Reporting And Analysis
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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If sales are $75,000 and the cost of goods sold was $52,500, calculate the gross profit (or gross margin) ratio: A. 70% B. 30% C. 43% D. 57% E. None of the above
Transcribed Image Text:If sales are $75,000 and the cost of goods sold was $52,500, calculate the gross profit (or gross margin) ratio: A. 70% B. 30% C. 43% D. 57% E. None of the above
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