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Using the following data: Cost of goods sold $434,000 Income tax expense 67,200 Operating expenses 344,000 Sales 1,100,000 Sales discounts 24,000 Sales returns and allowances 74,000 The gross profit margin would be: a. 56.7%. b. 43.3%. C. 34.3% d. 39.5%

Using the following data: Cost of goods sold $434,000 Income tax expense 67,200 Operating expenses 344,000 Sales 1,100,000 Sales discounts 24,000 Sales returns and allowances 74,000 The gross profit margin would be: a. 56.7%. 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 and give correct gross profit margin for this accounting question

Using the following data: Cost of goods sold $434,000 Income tax expense 67,200 Operating expenses 344,000 Sales 1,100,000 Sales discounts 24,000 Sales returns and allowances 74,000 The gross profit margin would be: a. 56.7%. b. 43.3%. C. 34.3% d. 39.5%
Transcribed Image Text:Using the following data: Cost of goods sold $434,000 Income tax expense 67,200 Operating expenses 344,000 Sales 1,100,000 Sales discounts 24,000 Sales returns and allowances 74,000 The gross profit margin would be: a. 56.7%. b. 43.3%. C. 34.3% d. 39.5%
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