A company's net sales were $695,000, its cost of goods sold was $239,770 and its net...

Question

Question

A company's net sales were $695,000, its cost of goods sold was $239,770 and its net income was $43,600. Its gross margin ratio equals:

Answer 1

Answer #1

Answer

Gross margin ratio equal 65.50%

Explanation:

Gross margin = Sales - Cost o Goods Sold

= $ 695,000 - $ 239,770

= $ 455,230

Gross margin ratio = Gross margin / sales * 100

= $ 455,230 / $ 695,000 * 100

= 65.50 %

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Answer 2

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