Orion Enterprises reported the following data: Item Value Freight in Sales returns $15,000 $8,000 Purchases Purchase returns $240,000 $10,000 Beginning inventory $60,000 Sales revenue $550,000 Purchase discounts $5,000 Ending inventory $50,000 Orion's gross profit percentage is: a. 49.3% b. 50.2% c. 53.7% d. 54.5%

Orion Enterprises reported the following data: Item Value Freight in Sales returns $15,000 $8,000 Purchases Purchase returns $240,000 $10,000 Beginning inventory $60,000 Sales revenue $550,000 Purchase discounts $5,000 Ending inventory $50,000 Orion's gross profit percentage is: a. 49.3% b. 50.2% c. 53.7% d. 54.5%

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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