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    Financial Accounting IFRS Study Set 2
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    Exam 5: Accounting for Merchandising Operations
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    If a Company Has Sales of $420,000, Net Sales of $400,000
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If a Company Has Sales of $420,000, Net Sales of $400,000

Question 101

Question 101

Multiple Choice

If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $240,000, the gross profit rate is


A) 62%.
B) 60%
C) 40%.
D) 38%.

Correct Answer:

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