Jackson Company reports net sales of ($ 500), cost of sales of ($ 300), and net income
Question:
Jackson Company reports net sales of \(\$ 500\), cost of sales of \(\$ 300\), and net income of \(\$ 50\). What is the gross profit percentage and return on sales ratio for Jackson?
a. Gross profit percentage is 10 percent and return on sales ratio is 40 percent.
b. Gross profit percentage is 60 percent and return on sales ratio is 10 percent.
c. Gross profit percentage is 40 percent and return on sales ratio is 10 percent.
d. Gross profit percentage is 40 percent and return on sales ratio is 25 percent.
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