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Sales revenue, cost of goods sold, and inventory amounts for two retailers: ($ in thousands) Year Year 3 2 Classy Clothes, Inc. Revenues 600 480 Cost of goods sold 440 345 Inventory 110 101 Fashion Forward Company Revenues 420 415 Cost of goods sold Inventory 280 285 82 71 a. Compute the gross profit margin (GPM) for each company for Year 3 and Year 2. Numerator ÷ Denominator = Result Classy Clothes Year 3 ÷ 0 = % Year 2 0 ÷ 0 = % Fashion Forward Year 3 0 ÷ 0 = % Year 2 0÷ 0 = %

Sales revenue, cost of goods sold, and inventory amounts for two retailers: ($ in thousands) Year Year 3 2 Classy Clothes, Inc. Revenues 600 480 Cost of goods sold 440 345 Inventory 110 101 Fashion Forward Company Revenues 420 415 Cost of goods sold Inventory 280 285 82 71 a. Compute the gross profit margin (GPM) for each company for Year 3 and Year 2. Numerator ÷ Denominator = Result Classy Clothes Year 3 ÷ 0 = % Year 2 0 ÷ 0 = % Fashion Forward Year 3 0 ÷ 0 = % Year 2 0÷ 0 = %

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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Sales revenue, cost of goods sold, and inventory amounts for two retailers: ($ in thousands) Year Year 3 2 Classy Clothes, Inc. Revenues 600 480 Cost of goods sold 440 345 Inventory 110 101 Fashion Forward Company Revenues 420 415 Cost of goods sold Inventory 280 285 82 71 a. Compute the gross profit margin (GPM) for each company for Year 3 and Year 2. Numerator ÷ Denominator = Result Classy Clothes Year 3 ÷ 0 = % Year 2 0 ÷ 0 = % Fashion Forward Year 3 0 ÷ 0 % Year 2 0 ÷ 0 %
Transcribed Image Text:Sales revenue, cost of goods sold, and inventory amounts for two retailers: ($ in thousands) Year Year 3 2 Classy Clothes, Inc. Revenues 600 480 Cost of goods sold 440 345 Inventory 110 101 Fashion Forward Company Revenues 420 415 Cost of goods sold Inventory 280 285 82 71 a. Compute the gross profit margin (GPM) for each company for Year 3 and Year 2. Numerator ÷ Denominator = Result Classy Clothes Year 3 ÷ 0 = % Year 2 0 ÷ 0 = % Fashion Forward Year 3 0 ÷ 0 % Year 2 0 ÷ 0 %
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