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Your answer is partially correct. Blue Spruce Corp. reported net sales $685,000, cost of goods sold $383,600, operating expenses $226,000, and net income $60,965. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to O decimal place, e.g. 10%.) Profit margin Gross profit rate 44 % %

Your answer is partially correct. Blue Spruce Corp. reported net sales $685,000, cost of goods sold $383,600, operating expenses $226,000, and net income $60,965. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to O decimal place, e.g. 10%.) Profit margin Gross profit rate 44 % %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Show Attempt History Current Attempt in Progress Your answer is partially correct. Blue Spruce Corp. reported net sales $685,000, cost of goods sold $383,600, operating expenses $226,000, and net income $60,965. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to O decimal place, e.g. 10%.) 4 % Profit margin Gross profit rate 44 %
Transcribed Image Text:Show Attempt History Current Attempt in Progress Your answer is partially correct. Blue Spruce Corp. reported net sales $685,000, cost of goods sold $383,600, operating expenses $226,000, and net income $60,965. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to O decimal place, e.g. 10%.) 4 % Profit margin Gross profit rate 44 %
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