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

Principles of Accounting Volume 1
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Chapter6: Merchandising Transactions
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Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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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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