question 6

Sheridan Industries reported net sales totaling $3030000 during the year, The company's gross profit rate was determined to be 48%. Which statement is true? The company generated 48 cents out of every sales dollar that is available to cover its operating expenses and contribute to profit. The inventory cost is 48% of the sales price of the inventory items. The company generated $1454400 of net income during the year. The company generated 48 cents of net income out of each dollar of assets owned by the company