PJ Corp. reported the following income statement results: Sales $987,400 Sales returns & allowances $7,400 Gross profit Operating expense $378,280 $264,500 Gain on sale of equipment $30,000 Net income $99,960 Calculate the gross profit margin.

PJ Corp. reported the following income statement results: Sales $987,400 Sales returns & allowances $7,400 Gross profit Operating expense $378,280 $264,500 Gain on sale of equipment $30,000 Net income $99,960 Calculate the gross profit margin.

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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PJ Corp. reported the following income statement results:
Sales
$987,400
Sales returns & allowances $7,400
Gross profit
Operating expense
$378,280
$264,500
Gain on sale of equipment $30,000
Net income
$99,960
Calculate the gross profit margin.

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