Jill Stone, the manager of a retail store, states that the selling prices in her business are
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Jill Stone, the manager of a retail store, states that the selling prices in her business are established by adding 50% to merchandise cost. LO5 a If this statement is factual, what rate of gross profit per dollar of gross sales should the company realize?
b Assuming that the actual gross profit for one department of this firm for a given period is 28% of net sales, what reasons can you give to explain this?
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Related Book For 
Accounting The Basis For Business Decisions
ISBN: 9780070415515
5th Edition
Authors: Robert F. Meigs, Walter B Meigs
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