Answered: Total sales for Lexin Ltd. were…

Total sales for Lexin Ltd. were $240,000, and the gross profit was $84,000. What is the Gross Profit Ratio? (Round your final answer to O decimal places.) a) 32% b) 35% c) 38% d) 40%

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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Question

Please help me solve this general accounting problem with the correct financial process.

Total sales for Lexin Ltd. were $240,000,
and the gross profit was $84,000.
What is the Gross Profit Ratio? (Round your
final answer to O decimal places.)
a) 32%
b) 35%
c) 38%
d) 40%

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