Thompson TV and Appliance reported the following in its 2021 financial statements:2021$423,000SalesCost of goods sold:80,000Inventory, January 1Net purchases320,000400,000104,000Goods available for saleInventory, December 31Cost of goods soldGross profit296, 000$127,000Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.)Multiple Choice24%33%.30%None of these answer cholces are correct.O wordsText Predictions: On* Accessibility: Investigate

Gross Profit: Difference between the sales and the cost of goods sold is called Gross Profit.…

Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $423,000 Sales Cost of goods sold: Inventory, January 1 Net purchases 80,000 320, еее Goods available for sale 400, 000 104,000 Inventory, December 31 Cost of goods sold 296,000 $127,000 Gross profit Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.) Multiple Choice 24% 33% 30% None of these answer cholces are correct

Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $423,000 Sales Cost of goods sold: Inventory, January 1 Net purchases 80,000 320, еее Goods available for sale 400, 000 104,000 Inventory, December 31 Cost of goods sold 296,000 $127,000 Gross profit Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.) Multiple Choice 24% 33% 30% None of these answer cholces are correct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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