The sales price for a product provides a gross profit of 24% of sales price. What is the gross profit as a percentage of cost? O 24%. O Not enough information is provided to determine. O 19%. O 31.58%.

The sales price for a product provides a gross profit of 24% of sales price. What is the gross profit as a percentage of cost? O 24%. O Not enough information is provided to determine. O 19%. O 31.58%.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 3EB: A product has a sales price of $175 and a per-unit contribution margin of $75. What is the...

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Question

The sales price for a product provides a gross profit of 24% of sales price. What is the gross profit as a
percentage of cost?
O 24%.
O Not enough information is provided to determine.
O 19%.
O 31.58%.

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