Sunland Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net Income Gross profit rate 2022 Profit margin $152,000 91.200 30,400 18,000 $12.400 2022 2021 $122.000 73,200 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg 52.7%) 14,640 10.000 $24.160 2021

Sunland Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net Income Gross profit rate 2022 Profit margin $152,000 91.200 30,400 18,000 $12.400 2022 2021 $122.000 73,200 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg 52.7%) 14,640 10.000 $24.160 2021

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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