Silverline Corporation had a beginning inventory of $25,000 and an ending inventory of $27,000. Net sales were $200,000; purchases were $100,000; purchase returns and allowances were $3,000; and freight-in was $8,000. The cost of goods sold (COGS) for the period is $103,000. What is Silverline Corporation's gross profit percentage? A. 48.5% B. 51.5% C. 20.5% D. 49.5%

Silverline Corporation had a beginning inventory of $25,000 and an ending inventory of $27,000. Net sales were $200,000; purchases were $100,000; purchase returns and allowances were $3,000; and freight-in was $8,000. The cost of goods sold (COGS) for the period is $103,000. What is Silverline Corporation's gross profit percentage? A. 48.5% B. 51.5% C. 20.5% D. 49.5%

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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