Question
Grouper Piping Company manufactures PVC pipe. The company has provided the following selected financial information: 2020 2021 Accounts receivable $77,000 $57,000 Inventory 97,000 77,000 Total
Grouper Piping Company manufactures PVC pipe. The company has provided the following selected financial information:
| 2020 | 2021 | |||
|---|---|---|---|---|
| Accounts receivable | $77,000 | $57,000 | ||
| Inventory | 97,000 | 77,000 | ||
| Total current assets | 227,000 | 257,000 | ||
| Total assets | 587,000 | 467,000 | ||
| Current liabilities | 47,000 | 37,000 | ||
| Total liabilities | 157,000 | 137,000 | ||
| Net credit sales | 307,000 | 367,160 | ||
| Cost of goods sold | 202,000 | 228,400 | ||
| Net income | 63,000 | 69,000 |
What is Grouper gross margin percentage for 2021? (Round answer to 2 decimal places, e.g. 52.75.)
| Gross margin percentage | enter gross margin in percentages % |
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
