I need the answer as soon as possible Net salesCost of goods sold$180,000124,000Beginning inventoryEnding inventoryCalculate the gross profit ratio. (Round your answer to 2 decimal places.)41,00031,000

Introduction: Gross profit ratio: It tells the level of gross profit % earned on the Total sales of…

Answered: Net sales Cost of goods sold Beginning…

Business

Accounting

Net sales Cost of goods sold Beginning inventory $ 180,000 124,000 41,000

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

I need the answer as soon as possible

Net sales
Cost of goods sold
$
180,000
124,000
Beginning inventory
Ending inventory
Calculate the gross profit ratio. (Round your answer to 2 decimal places.)
41,000
31,000

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