Gilbert, Inc. generated sales revenues of $1,400,000 in 2017. Its cost of goods sold amounted to Calculate Gilbert's gross profit percentage
A) 40%
B) 60%
C) 167%
D) 250%
B .Gross profit = Sales revenue - Cost of goods sold = $1,400,000 - $560,000 = $840,000
Gross profit percentage = Gross profit / Sales revenue = $840,000 / $1,400,000 = 40%
You might also like to view...
Which of the following statements is true of a summary jury trial?
A) A summary jury trial lasts for more than two days. B) The jury is composed of ten people. C) The verdict delivered by the judge is final and binding. D) If a case goes to trial, nothing from the summary trial is admissible as evidence.
The cashier waved the can of golden hominy across the holographic bar code reader and it emitted a piercing beep
At the same time the customer's bill was rising, the grocery store's inventory was automatically being reduced by 1 can of golden hominy down to 3 cans. This was the bare minimum amount of hominy the store manager dared carry in inventory, so the computer system automatically sent a message to the hominy man, who loaded a few cases onto his delivery truck for tomorrow morning's trip to replenish the store. This is a classic example of: A) a periodic review system. B) safety stock. C) a continuous review system. D) cycle stock.
Which of the following is true with regard to rising interest rates?
A) Use short-term loans to take advantage of low interest rates. B) Select long-term savings options to lock in current interest rates. C) Use long-term loans to take advantage of current low rates. D) The term of the loan option is not affected by rising interest rates.
A person who dies without preparing a will is said to have died ________
Fill in the blank(s) with the appropriate word(s).