PJ Corp. reported the following income statement results: Sales Sales returns & allowances Gross profit $ 9,87,400 $ 7,400 $3,78,280 Operating expense $ 2,64,500 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
Sales returns & allowances
Gross profit
$ 9,87,400
$ 7,400
$3,78,280
Operating expense
$ 2,64,500
Gain on sale of equipment
$ 30,000
Net income
$ 99,960
Calculate the gross profit margin.
Transcribed Image Text:PJ Corp. reported the following income statement results: Sales Sales returns & allowances Gross profit $ 9,87,400 $ 7,400 $3,78,280 Operating expense $ 2,64,500 Gain on sale of equipment $ 30,000 Net income $ 99,960 Calculate the gross profit margin.
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