Mountain Peak Company had the following financial information for the current accounting period: ⚫ Beginning Inventory: $45,000 • • Ending Inventory: $52,000 Net Sales: $250,000 Purchases: $120,000 ⚫ Purchase Returns and Allowances: $5,000 Freight In: $8,000 ⚫ Cost of Goods Sold: $116,000 Required: Calculate the Gross Profit Percentage Possible Answers: a. 46.40% b. 48.20% c. 53.60% d. 55.40%

Mountain Peak Company had the following financial information for the current accounting period: ⚫ Beginning Inventory: $45,000 • • Ending Inventory: $52,000 Net Sales: $250,000 Purchases: $120,000 ⚫ Purchase Returns and Allowances: $5,000 Freight In: $8,000 ⚫ Cost of Goods Sold: $116,000 Required: Calculate the Gross Profit Percentage Possible Answers: a. 46.40% b. 48.20% c. 53.60% d. 55.40%

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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