Rita's Fashion Hub reported sales of $680,000 and cost of goods sold (COGS) of $204,000. a) What is the gross profit margin? b) If the industry average gross profit margin is 65%, how is the firm performing?
Rita's Fashion Hub reported sales of $680,000 and cost of goods sold (COGS) of $204,000. a) What is the gross profit margin? b) If the industry average gross profit margin is 65%, how is the firm performing?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Rita's Fashion Hub reported sales of $680,000 and
cost of goods sold (COGS) of $204,000.
a) What is the gross profit margin?
b) If the industry average gross profit margin is 65%,
how is the firm performing?
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