Question
GS Retail reported the following for the past two fiscal years: 2021 2020 Net sales $975,000 $788,000 Cost of goods sold 619,125 489,348 Profit 70,200
GS Retail reported the following for the past two fiscal years:
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Net sales | $975,000 | $788,000 | ||||||
| Cost of goods sold | 619,125 | 489,348 | ||||||
| Profit | 70,200 | 63,040 | ||||||
Calculate the gross profit margin and profit margin for both years. (Round answers to 2 decimal places, e.g. 12.73%.)
| 2021 | 2020 | |||
|---|---|---|---|---|
| Gross profit margin | ||||
| Profit margin |
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
