Mountain Bike World had net sales of $5.6 million, its cost of goods sold was $2.8 million, and its net income was $0.8 million. Calculate the gross margin ratio.
Mountain Bike World had net sales of $5.6 million, its cost of goods sold was $2.8 million, and its net income was $0.8 million. Calculate the gross margin ratio.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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General accounting
Transcribed Image Text:Mountain Bike World had net sales of $5.6 million, its cost of
goods sold was $2.8 million, and its net income was $0.8
million. Calculate the gross margin ratio.
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