Pham Enterprises The Following Selected Financial Information Is Available for Pham Enterprises
Pham Enterprises
The following selected financial information is available for Pham Enterprises for the year ended December 31, Year 1:
Net sales $450,000 Inventory, 1/1/Year 1 $48,400
Cost of goods sold $299,500 Inventory, 12/31/Year 1 $49,670
-Refer to the information provided in the figure Pham Enterprises.What is the company's gross profit ratio for Year 1?
A) 33.44%
B) 50.25%
C) 66.55%
D) 299.00%
Correct Answer:
Verified
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