The August 2009 income statement for Oehlke Co. contains the following items:
Wages expense.................................................. $220,000
Sales revenue.................................................... 750,000
Interest expense............................................... 18,000
Cost of goods sold........................................... 480,000
Required:
(a) Determine Oehlke Co.’s gross profit for August 2009.
(b) Determine Oehlke Co.’s gross profit percentage.
(c) What are your perceptions of Oehlke Co.’s financial status based on the information given and calculated?