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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 61
Inferring Financial Information Using Gross Profit Percentage and Year-over-Year Comparisons
A consumer products company reported a 25 percent increase in sales from 2012 to 2013. Sales in 2012 were $200,000. In 2013, the company reported Cost of Goods Sold in the amount of $150,000. What was the gross profit percentage in 2013 Round to one decimal place.
A consumer products company reported a 25 percent increase in sales from 2012 to 2013. Sales in 2012 were $200,000. In 2013, the company reported Cost of Goods Sold in the amount of $150,000. What was the gross profit percentage in 2013 Round to one decimal place.
Explanation
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Calculate the gross margin percentage:
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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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