Mega Skateboard Supplier had net sales of $2.1 million, its cost of goods sold was $1.1 million, and its net income was $0.7 million. Its gross margin ratio equals:
A. 48%.
B. 191%.
C. 33%.
D. 52%.
E. 64%.
Answer: A
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When a partner invests noncash assets in a partnership, the assets are recorded at the partner's book value
Indicate whether the statement is true or false
Which of the following is least consistent with sustainability practices in inventory management?
A. minimizing wasted movement B. less excess inventory C. reduced waiting time D. push system
For the month of January, Year 1, Ghent Corporation had a beginning balance of $103,200 in work in process. During the month, the company added the following costs to work in process: direct materials, $90,900; direct labor, $54,000; and manufacturing overhead, $81,000. The ending amount of work in process was $37,400. What was the cost of goods manufactured for the period? Prepare a schedule that shows the calculation of the cost of goods manufactured.
What will be an ideal response?
A corporate charter specifies that the company may sell up to 31 million shares of stock. The company sells 21 million shares to investors and later buys back 8.5 million shares. The current number of outstanding shares after these transactions have been accounted for is:
A. 12.5 million shares. B. 10.0 million shares. C. 16.0 million shares. D. 31.0 million shares.