If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit percentage is a. 70%. b. 30%. c. 15%. d. 100%.

If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit  percentage is
a. 70%.
b. 30%.
c. 15%.
d. 100%.
by

1 Answer

Answer :

b. 30%
by

Related questions

A company shows the following balances: Sales $1,000,000 Sales Returns and Allowances 180,000 Sales Discounts 20,000 Cost of Goods Sold 560,000 What is the gross profit percentage? a. 56% b. 70% c. 44% d. 30%

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Last Answer : d. 30%

At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, the company’s cost of goods sold and gross profit rate must be a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

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Last Answer : b. $1,400,000 and 30%.

If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $260,000, the gross profit rate is a. 67%. b. 65% c. 35%. d. 33%.

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Ingrid’s Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company’s gross profit rate is 40%, Ingrid’s will report monthly net sales revenue and cost of goods sold of a. $38,000 and $22,800. b. $37,200 and $14,880. c. $37,200 and $22,320. d. $38,000 and $22,320.

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Last Answer : c. $37,200 and $22,320.

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Last Answer : c. Gross profit

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Last Answer : a. gross profit.

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Last Answer : d. $550.

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Last Answer : (b) Rs. 2,80,000

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Last Answer : (a) 8 times

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Last Answer : d. debiting Sales.

Jimmy bought 25 apples for Rs.10 and sold them at the rate of 24 apples for Rs.12. What is the percentage of profit made by him? A. 25% B. 70% C. 60% D. 100%

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Last Answer : . $47,000.

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Last Answer : b. $4,900

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Last Answer : (d) 13,409 units

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Last Answer : d. Sales

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Last Answer : c. cost of goods sold and operating expenses.

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Description : Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.

Last Answer : c. cost of goods purchased.

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