P$-3$: Gross profit $($LO$1)$ Swank Clothiers had sales of $$383,000$ and cost of goods sold of $$260,000.$

a$.$ What is the gross profit margin $($ratio of gross profit to sales$)?$

b$.$ If the average firm in the clothing industry had a gross profit of $25$ percent, how is the firm doing?

Given:

Sales $383000$

a$)$ Gross Profit Margin:

Swank $\frac{\text{I}\text{n}\text{d}\text{u}\text{s}\text{t}\text{r}\text{y}}{0\mathrm{.}25}=$ Gross Profit $/$ Sales

Gross Profit

b$)$

P$-4$: Operating profit $($LO$1)$ A$-$Rod Fishing Supplies had sales of $$2,500,000$ and cost of goods sold of $$1,710,000.$ Selling and administrative expenses represented $10$ percent of sales. Depreciation was $6$ percent of the total assets of $$4,680,000.$ What was the firm's operating profit $($HINT: Admin Expenses $=$ Sales $*$ Percent Given; Dep Expense $=$ Tot Assets $*$ Percent Given$)$

Given: