Iron Company had a $28,000 beginning inventory and a $29,000 ending inventory. Net sales were $171,000; purchases were $90,000; purchase returns and allowances, were $2,000; and freight in was $9,000. The cost of goods sold for the period is $96,000. What is Iron's gross profit percentage? A. 44% B. 16% C. 56% D. 17%

Iron Company had a $28,000 beginning inventory and a $29,000 ending inventory. Net sales were $171,000; purchases were $90,000; purchase returns and allowances, were $2,000; and freight in was $9,000. The cost of goods sold for the period is $96,000. What is Iron's gross profit percentage? A. 44% B. 16% C. 56% D. 17%

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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