Anthony Corporation reported the following amounts for the year: Net sales $ 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: Multiple Choice 53.4%. 51.9%. 50.3%. 46.6%.

Anthony Corporation reported the following amounts for the year: Net sales $ 296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: Multiple Choice 53.4%. 51.9%. 50.3%. 46.6%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Anthony Corporation reported the following amounts for the year:


Net sales	$	296,000
Cost of goods sold		138,000
Average inventory		50,000

Anthony's gross profit ratio is:

Multiple Choice

53.4%.
51.9%.
50.3%.
46.6%.

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