Gross profit, accounting assignment help
Becky Bailey’s Textiles, Inc., uses a perpetual inventory system. In February,
Becky Bailey’s sold $460,000 of merchandise on account with terms 3/10, n/30. The cost of the merchandise sold was $200,000.
Using this information, calculate the gross profit from the sale and the gross profit ratio. Assume that the customer does not pay within the discount period.
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Gross profit |
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Calculate the gross profit ratio. (Round to the nearest percent.)
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Gross profit ratio |
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