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What is the gross profit (GP) of the original bill? (Sale price less COGS = GP) Food: COGs is 30% therefore the remaining profit is
What is the gross profit (GP) of the original bill? (Sale price less COGS = GP) Food: COGs is 30% therefore the remaining profit is 70% of the food cost (food cost X 0.7) Wine: COGs is 20% therefore the remaining profit is 80% of the drink cost (drink cost X 0.8) total bill is $125.60
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
