general account In 2002 Clanton, Inc. had a gross profit of $27,000 on sales of$110,000. Clanton's operating expenses for 2002 were $13,000, and itsnet profit margin was .0585. Clanton had no interest expense in 2002.What was Clanton's gross profit margin for 2002?a) 0.127b) 0.325c) 0.245d) 0.364

Step 1: Definition of Gross Profit MarginThe gross profit margin is the percentage of sales revenue…

Answered: In 2002 Clanton, Inc. had a gross…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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In 2002 Clanton, Inc. had a gross profit of $27,000 on sales of $110,000. Clanton's operating expenses for 2002 were $13,000, and its net profit margin was .0585. Clanton had no interest expense in 2002. What was Clanton's gross profit margin for 2002? a) 0.127 b) 0.325 c) 0.245 d) 0.364