Distinguish between gross profit as a percentage of costand gross profit as a percentage of sales price. Convertthe following gross profit percentages based on cost togross profit percentages based on sales price: 25% and331/3%. Convert the following gross profit percentagesbased on sales price to gross profit percentages based oncost: 331/3% and 60%

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 87PSB
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Distinguish between gross profit as a percentage of cost
and gross profit as a percentage of sales price. Convert
the following gross profit percentages based on cost to
gross profit percentages based on sales price: 25% and
331/3%. Convert the following gross profit percentages
based on sales price to gross profit percentages based on
cost: 331/3% and 60%

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