If the gross profit of a business is lower than it was in the previous year, which one of the following must have happened? A. The sales for the year were lower than the previous year. OB. At least one of the options presented must have happened. OC. The cost of sales for the year was higher than for the previous year. OD. The average mark-up was lower than the previous year.
If the gross profit of a business is lower than it was in the previous year, which one of the following must have happened? A. The sales for the year were lower than the previous year. OB. At least one of the options presented must have happened. OC. The cost of sales for the year was higher than for the previous year. OD. The average mark-up was lower than the previous year.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 58BE
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