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Using the following data: Category Amount($) Cost of Goods Sold 520,000 Income Tax Expense 80,000 Operating Expenses 400,000 Sales 1,300,000 Sales Discounts 30,000 Sales Returns and Allowances 90,000 What is the gross profit margin? a) 55.9% b) 43.3% c) 34.3% d) 39.5%

Using the following data: Category Amount($) Cost of Goods Sold 520,000 Income Tax Expense 80,000 Operating Expenses 400,000 Sales 1,300,000 Sales Discounts 30,000 Sales Returns and Allowances 90,000 What is the gross profit margin? a) 55.9% b) 43.3% c) 34.3% d) 39.5%

Intermediate Accounting: Reporting And Analysis
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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Using the following data: Category Amount($) Cost of Goods Sold 520,000 Income Tax Expense 80,000 Operating Expenses 400,000 Sales 1,300,000 Sales Discounts 30,000 Sales Returns and Allowances 90,000 What is the gross profit margin? a) 55.9% b) 43.3% c) 34.3% d) 39.5%
Transcribed Image Text:Using the following data: Category Amount($) Cost of Goods Sold 520,000 Income Tax Expense 80,000 Operating Expenses 400,000 Sales 1,300,000 Sales Discounts 30,000 Sales Returns and Allowances 90,000 What is the gross profit margin? a) 55.9% b) 43.3% c) 34.3% d) 39.5%
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