Tulsa Corporation reported the following data: Freight in $20,000 Sales returns $10,000 Purchases 205,000 Purchase returns 6,000 Beginning inventory 50,000 Sales revenue 490,000 Purchase discounts 4,000 Ending inventory 40,000 Tulsa's gross profit percentage is: a. 47.9%. b. 52.1% c. 53.1%. d. 54.0%.

Tulsa Corporation reported the following data: Freight in $20,000 Sales returns $10,000 Purchases 205,000 Purchase returns 6,000 Beginning inventory 50,000 Sales revenue 490,000 Purchase discounts 4,000 Ending inventory 40,000 Tulsa's gross profit percentage is: a. 47.9%. b. 52.1% c. 53.1%. d. 54.0%.

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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