Mega Skateboard Supplier had net sales of $3.9 million, its cost of goods sold was $1.5 million, and its net income was $0.6 million. Calculate the gross margin ratio.
Mega Skateboard Supplier had net sales of $3.9 million, its cost of goods sold was $1.5 million, and its net income was $0.6 million. Calculate the gross margin ratio.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Calculate the gross margin ratio
Transcribed Image Text:Mega Skateboard Supplier had net sales of $3.9
million, its cost of goods sold was $1.5 million, and
its net income was $0.6 million. Calculate the gross
margin ratio.
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