Please Need Answer of this Question provide correct answer Swank Clothiers had sales of $450,000and cost of goods sold of $288,000.a. What is the gross profit margin(ratio of gross profit to sales)?b. If the average firm in the clothingindustry had a gross profit of 30percent, how is the firm doing?

Step 1: Define Gross Profit Margin:Gross profit margin is a financial ratio to evaluate the firm's…

Answered: Swank Clothiers had sales of $450,000…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Swank Clothiers had sales of $450,000 and cost of goods sold of $288,000. a. What is the gross profit margin (ratio of gross profit to sales)? b. If the average firm in the clothing industry had a gross profit of 30 percent, how is the firm doing?