Using the data below, compute lan's gross profit percentage for the month of January.Net SalesCost of goods soldOperating expensesOther incomeIncome tax expense$12,0003,0007,0005001,000Round answer to the nearest whole percentage.

Step 1: Compute the gross profit as follows:

Answered: Using the data below, compute lan's…

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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Using the data below, compute lan's gross profit percentage for the month of January. Net Sales Cost of goods sold Operating expenses Other income Income tax expense $12,000 3,000 7,000 500 1,000 Round answer to the nearest whole percentage.