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 % %

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Description: None Show Attempt HistoryCurrent Attempt in ProgressYour 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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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