A consumer products company reported a 25 percent increase in sales from last year to this year.Sales last year were $200,000. This year, the company reported Cost of Goods Sold in the amountof $150,000. What was the gross profit percentage this year? Round to one decimal place.
A consumer products company reported a 25 percent increase in sales from last year to this year.Sales last year were $200,000. This year, the company reported Cost of Goods Sold in the amountof $150,000. What was the gross profit percentage this year? Round to one decimal place.
Chapter3: Evaluation Of Financial Performance
Section: Chapter Questions
Problem 14P
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A consumer products company reported a 25 percent increase in sales from last year to this year.
Sales last year were $200,000. This year, the company reported Cost of Goods Sold in the amount
of $150,000. What was the gross profit percentage this year? Round to one decimal place.
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