General Accounting Mega Skateboard Supplier had netsales of $3.9 million, its cost of goodssold was $1.5 million, and its netincome was $0.6 million. Calculate thegross margin ratio.

The gross margin ratio is calculated using the following formula:Gross Margin Ratio = Gross Profit /…

Answered: Mega Skateboard Supplier had net sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.