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Shields Sporting Goods Inc. provides the following financial information: Sales Revenue = $150,000 Sales Discounts = $7,200 Sales Returns and Allowances = $5,800 Transportation-In- $6,500 (not used in gross margin calculation) Cost of Goods Sold (COGS) = $72,000 What is the gross margin percentage?

Shields Sporting Goods Inc. provides the following financial information: Sales Revenue = $150,000 Sales Discounts = $7,200 Sales Returns and Allowances = $5,800 Transportation-In- $6,500 (not used in gross margin calculation) Cost of Goods Sold (COGS) = $72,000 What is the gross margin percentage?

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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Shields Sporting Goods Inc. provides the following financial information: Sales Revenue = $150,000 Sales Discounts = $7,200 Sales Returns and Allowances = $5,800 Transportation-In- $6,500 (not used in gross margin calculation) Cost of Goods Sold (COGS) = $72,000 What is the gross margin percentage?
Transcribed Image Text:Shields Sporting Goods Inc. provides the following financial information: Sales Revenue = $150,000 Sales Discounts = $7,200 Sales Returns and Allowances = $5,800 Transportation-In- $6,500 (not used in gross margin calculation) Cost of Goods Sold (COGS) = $72,000 What is the gross margin percentage?
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