Jepson Corporation's most recent income statement appears below: Sales (all on account)$865,000 Cost of goods sold 358,000 Gross margin 507,000 Selling and administrative expense 213,000 Net operating income 294,000 Interest expense 48,000 Net income before taxes 246,000 Income taxes 70,000 Net income$ 176,000 Required:Compute the gross margin percentage.
What will be an ideal response?
Gross margin percentage = Gross margin ÷ Sales
= $507,000 ÷ $865,000 = 58.6%
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