Express the gross profit (GP) in money and as a percentage in the table below. (15 points) Selling Price Food Cost Gross Profit GP as % $10.00 $2.75 $12.50 $4.30 $7.95 $3.10 14.90 $4.65 $31.65 $7.90
Express the gross profit (GP) in money and as a percentage in the table below. (15 points) Selling Price Food Cost Gross Profit GP as % $10.00 $2.75 $12.50 $4.30 $7.95 $3.10 14.90 $4.65 $31.65 $7.90
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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Question
Express the gross profit (GP) in money and as a percentage in the table below. (15 points)
Selling Price |
Food Cost |
Gross Profit |
GP as % |
$10.00 |
$2.75 |
|
|
$12.50 |
$4.30 |
|
|
$7.95 |
$3.10 |
|
|
14.90 |
$4.65 |
|
|
$31.65 |
$7.90 |
|
|
|
|
|
|
Expert Solution
Step 1
Solution:
Gross profit is calculated as = Sales - Cost of goods sold
Gross profit ratio = Gross profit / Sales
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