Coleman, Inc. provides the following data from its income statement for 2017
Net Sales $500,000
Cost of Goods Sold (200,000 )
Gross Profit $300,000
Calculate the gross profit percentage. (Round your answer to two decimal places.)
A) 150.00%
B) 60.00%
C) 100.00%
D) 40.00%
B .B)
Gross profit percentage = Gross profit / Net sales x 100 = $300,000 / $500,000 x 100 = 60.00%
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