Panhead’s Bike Shop had net sales of $382,500 and the cost of goods sold were $172,300. Operating expenses were $107,645 and owner's equity is $437,645. Calculate the net profit margin. (Round to the nearest tenth) 40.4% 34.8% 26.8% 22.8%

Panhead’s Bike Shop had net sales of $382,500 and the cost of goods sold were $172,300. Operating expenses were $107,645 and owner's equity is $437,645. Calculate the net profit margin. (Round to the nearest tenth) 40.4% 34.8% 26.8% 22.8%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Panhead’s Bike Shop had net sales of $382,500 and the cost of goods sold were $172,300. Operating expenses
were $107,645 and owner's equity is $437,645. Calculate the net profit margin. (Round to the nearest tenth)

40.4%

34.8%

26.8%

22.8%

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