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Mike Sweets had sales of $300,000 and a cost of goods sold (COGS) of $168,000. What is the gross profit margin (ratio of gross profit to sales)? a) 44% b) 52% c) 60% d) 38%

Mike Sweets had sales of $300,000 and a cost of goods sold (COGS) of $168,000. What is the gross profit margin (ratio of gross profit to sales)? a) 44% b) 52% c) 60% d) 38%

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...
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Mike Sweets had sales of $300,000 and a cost of goods sold (COGS) of $168,000. What is the gross profit margin (ratio of gross profit to sales)? a) 44% b) 52% c) 60% d) 38%
Transcribed Image Text:Mike Sweets had sales of $300,000 and a cost of goods sold (COGS) of $168,000. What is the gross profit margin (ratio of gross profit to sales)? a) 44% b) 52% c) 60% d) 38%
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