Homework Help is Here – Start Your Trial Now!
Business
Accounting
Michael's Home Furnishings made Net Sales Revenue of $150,000, and the Cost of Goods Sold (COGS) totaled $90,000. What is the gross profit percentage for this period? a. 50% b. 40% c. 30% d. 60%

Michael's Home Furnishings made Net Sales Revenue of $150,000, and the Cost of Goods Sold (COGS) totaled $90,000. What is the gross profit percentage for this period? a. 50% b. 40% c. 30% d. 60%

Intermediate Accounting: Reporting And Analysis
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...
See similar textbooks
icon
Related questions
Question
100%

Profit percentage for this period?

Michael's Home Furnishings made Net Sales Revenue of $150,000, and the Cost of Goods Sold (COGS) totaled $90,000. What is the gross profit percentage for this period? a. 50% b. 40% c. 30% d. 60%
Transcribed Image Text:Michael's Home Furnishings made Net Sales Revenue of $150,000, and the Cost of Goods Sold (COGS) totaled $90,000. What is the gross profit percentage for this period? a. 50% b. 40% c. 30% d. 60%
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS