The following is Cullumber Company's income statement for the past year. Sales revenue $730,000 Cost of goods sold 438,000 Gross margin 292,000 Operating expenses 120,000 Operating income $172,000 What is the markup percentage on the cost of goods sold?

The following is Cullumber Company's income statement for the past year. Sales revenue $730,000 Cost of goods sold 438,000 Gross margin 292,000 Operating expenses 120,000 Operating income $172,000 What is the markup percentage on the cost of goods sold?

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 is Cullumber Company's income statement for the past year.
Sales revenue
$730,000
Cost of goods sold 438,000
Gross margin
292,000
Operating expenses 120,000
Operating income $172,000
What is the markup percentage on the cost of goods sold?

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