Question

A​ 30% gross profit percentage means​ that:

A.

for each dollar of​ sales, the company has a cost of goods sold of seventy cents.

B.

for each dollar of​ sales, the company has a gross profit of thirty cents.

C.

for each dollar of​ sales, the company has a cost of goods sold of thirty cents.

D.

A and B

Answer 1

Correct Answer = D. A and B
Gross profit 30% means for each dollar of​ sales, the company has a gross profit of thirty cents or for
each dollar of​ sales, the company has a cost of goods sold of seventy cents.