Cannon Co had Gross Profit Margin equal to 32.1% for the period ended 12/31/2008. Cannon had...
Cannon Co had Gross Profit Margin equal to 32.1% for the period ended 12/31/2008. Cannon had Sales of$3,074,000, what was Cannon’s COGS?
Homework Answers
Gross Profit %= Gross Profit/Sales
Gross Profit=(3,074,000*32.1%)=986754
Gross Profit=Sales-Cost of goods sold
Cost of goods sold=3,074,000-986754
=$2087246
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