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Outdoor Gear Co. had net sales of $7.2 million, its cost of goods sold was $3.6 million, and its net income was $1.2 million. Calculate the gross margin ratio.

Outdoor Gear Co. had net sales of $7.2 million, its cost of goods sold was $3.6 million, and its net income was $1.2 million. Calculate the gross margin ratio.

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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Outdoor Gear Co. had net sales of $7.2 million, its cost of goods sold was $3.6 million, and its net income was $1.2 million. Calculate the gross margin ratio.
Transcribed Image Text:Outdoor Gear Co. had net sales of $7.2 million, its cost of goods sold was $3.6 million, and its net income was $1.2 million. Calculate the gross margin ratio.
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