Answered: If Indiana Ink, Inc. has net sales of…

If Indiana Ink, Inc. has net sales of $400,000 and cost of goods sold of $300,000, Indiana Ink's gross profit rate is a. 75%. b. 33% c. 25%. d. 100%.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

General accounting provide this question solution

If Indiana Ink, Inc. has net sales of $400,000 and cost of
goods sold of $300,000, Indiana Ink's gross profit rate is
a. 75%.
b. 33%
c. 25%.
d. 100%.

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