Vanguard Corporation reported the following data: Freight in Sales returns Purchases Purchase returns $18,000 $12,000 $300,000 $8,000 Beginning inventory $45,000 Sales revenue $520,000 Purchase discounts $4,500 Ending inventory $50,000 Vanguard's gross profit percentage is %.

Vanguard Corporation reported the following data: Freight in Sales returns Purchases Purchase returns $18,000 $12,000 $300,000 $8,000 Beginning inventory $45,000 Sales revenue $520,000 Purchase discounts $4,500 Ending inventory $50,000 Vanguard's gross profit percentage is %.

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

Vanguard's gross profit percentage is ?

Vanguard Corporation reported the following data:
Freight in
Sales returns
Purchases
Purchase returns
$18,000
$12,000
$300,000
$8,000
Beginning inventory $45,000
Sales revenue
$520,000
Purchase discounts $4,500
Ending inventory
$50,000
Vanguard's gross profit percentage is
%.

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