A consumer products company reported a 20 percent increase in sales from last year to this year. Sales last year were $130,000. This year, the company reported Cost of Goods Sold in the amount of $94,692. What was the gross profit percentage this year?

A consumer products company reported a 20 percent increase in sales from last year to this year. Sales last year were $130,000. This year, the company reported Cost of Goods Sold in the amount of $94,692. What was the gross profit percentage this year?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 14P

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