The following information is from the year-end accounting statements of BlueSky Retailers on December 31, 2024: Item Sales Revenue Amount $420,000 Cost of Goods Sold $294,000 Inventory $75,000 Accounts Payable $45,000 Operating Expenses $65,000 What is the gross profit margin percentage for BlueSky Retailers? a. 30% b. 15.5% c. 25% d. 70% e. None of the other alternatives are correct

The following information is from the year-end accounting statements of BlueSky Retailers on December 31, 2024: Item Sales Revenue Amount $420,000 Cost of Goods Sold $294,000 Inventory $75,000 Accounts Payable $45,000 Operating Expenses $65,000 What is the gross profit margin percentage for BlueSky Retailers? a. 30% b. 15.5% c. 25% d. 70% e. None of the other alternatives are correct

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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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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