Answered: If a company has sales revenue of…

If a company has sales revenue of $631000, net sales of $500000, and cost of goods sold of $385000, the gross profit rate is 77%. 61%. 39%. 23%.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 5EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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Question

If a company has sales revenue of $631000, net sales of $500000, and cost of goods sold of $385000, the gross profit rate is

77%.

61%.

39%.

23%.

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