QS $15-24($Algo$)$ Gross profit ratio LO A$1$

A manufacturer reports sales of $$110,000$ and cost of goods sold of $$77,000.$

Compute its gross profit ratio.

If competitors average a $10\%$ gross profit ratio, does this manufacturer compare favorably or unfavorably to its peers?

Gross profit rati

If competitors average a $10\%$ gross profit ratio, does this manufacturer

compare favorably or unfavorably to its peers?