Jared Analyzed the Income Statement for His Independent Label and Found

Multiple Choice

Jared analyzed the income statement for his independent label and found that for every dollar of sales, 30 cents was spent on cost of goods sold. The gross profit per dollar was 70 cents. If 20 cents was spent on operating costs and 10 cents on taxes, what is the net profit per dollar?

A) 40 cents
B) 60 cents
C) 30 cents
D) 70 cents
E) 50 cents