Jackson Electronics reported the following in its 2022 financial statements: 2022 Sales $560,000 Cost of goods sold: Inventory, January 1 $95,000 Net purchases $390,000 Goods available for sale $485,000 Inventory, December 31 $73,000 Cost of goods sold $412,000 Gross profit $148,000 Jackson's 2022 gross profit ratio is: A. 36% B. 26.4% C. 30.5% D. None of the above

Jackson Electronics reported the following in its 2022 financial statements: 2022 Sales $560,000 Cost of goods sold: Inventory, January 1 $95,000 Net purchases $390,000 Goods available for sale $485,000 Inventory, December 31 $73,000 Cost of goods sold $412,000 Gross profit $148,000 Jackson's 2022 gross profit ratio is: A. 36% B. 26.4% C. 30.5% D. None of the above

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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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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