Pina Colada Corp. reported net sales $860,000; cost of goods
sold $559,000; operating expenses $225,750; and net income
$73,100.
Calculate the profit margin and gross profit rate.
(Round answers to 1 decimal place, e.g.
10.2%.)
Profit margin |
enter percentages rounded to 1 decimal place % | |
---|---|---|
Gross profit rate |
enter percentages rounded to 1 decimal place % |
Profit margin = Net income/Sales = 73,100/860,000 = 8.5% |
|
Gross profit rate = Gross Profit/Sales = (860,000-559,000)/860,000 = 35% |
Pina Colada Corp. reported net sales $860,000; cost of goods sold $559,000; operating expenses $225,750; and...
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