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The following financial information is provided for Lunar Lighting Inc.: Operating expenses: $30,000 Sales returns and allowances: $8,000 Sales discounts: $6,000 Sales revenue: $200,000 Cost of goods sold: $110,000 what is the profit margin ratio? (a) 0.24 (b) 0.28 (c) 0.32 (d) 0.30

The following financial information is provided for Lunar Lighting Inc.: Operating expenses: $30,000 Sales returns and allowances: $8,000 Sales discounts: $6,000 Sales revenue: $200,000 Cost of goods sold: $110,000 what is the profit margin ratio? (a) 0.24 (b) 0.28 (c) 0.32 (d) 0.30

Principles of Accounting Volume 1
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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What is the profit margin ratio?

The following financial information is provided for Lunar Lighting Inc.: Operating expenses: $30,000 Sales returns and allowances: $8,000 Sales discounts: $6,000 Sales revenue: $200,000 Cost of goods sold: $110,000 what is the profit margin ratio? (a) 0.24 (b) 0.28 (c) 0.32 (d) 0.30
Transcribed Image Text:The following financial information is provided for Lunar Lighting Inc.: Operating expenses: $30,000 Sales returns and allowances: $8,000 Sales discounts: $6,000 Sales revenue: $200,000 Cost of goods sold: $110,000 what is the profit margin ratio? (a) 0.24 (b) 0.28 (c) 0.32 (d) 0.30
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