A company reported the following information for the month of July: Net Sales$57,500Cost of goods sold33,200Required: Calculate this company's gross margin ratio.
What will be an ideal response?
| Net sales | $57,500 | ? |
| Less: Cost of goods sold | (33,200 | ) |
| Gross profit | $24,300 | ? |
| Gross margin ratio (24,300/57,500) | 42.3% | ? |
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