Steelworks Inc. had a beginning inventory of $35,000 and an ending inventory of $38,000. Net sales were $200,000 Purchases were $105,000 Purchase returns and allowances were $3,000 Freight-in was $10,000 Cost of Goods Sold (COGS) for the period was $112,000 Calculate Steelworks Inc.'s gross profit percentage. A) 44% B) 20% C) 55% D) 18%

Steelworks Inc. had a beginning inventory of $35,000 and an ending inventory of $38,000. Net sales were $200,000 Purchases were $105,000 Purchase returns and allowances were $3,000 Freight-in was $10,000 Cost of Goods Sold (COGS) for the period was $112,000 Calculate Steelworks Inc.'s gross profit percentage. A) 44% B) 20% C) 55% D) 18%

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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