Mercer,Inc.provides the following data for 2019: $$\begin{array} { | l | r | }
\hline \text { Net Sales Revenue } & 598,000 \
\hline \text { Cost of Goods Sold } & 360,000 \
\hline
\end{array}$$ The gross profit as a percentage of net sales is ________.(Round your answer to two decimal places.)
A) 37.96%
B) 39.80%
C) 60.20%
D) 40.8%

Question

Mercer,Inc.provides the following data for 2019: $$\begin{array} { | l | r | } 
\hline \text { Net Sales Revenue } & 598,000 \
\hline \text { Cost of Goods Sold } & 360,000 \
\hline
\end{array}$$ The gross profit as a percentage of net sales is ________.(Round your answer to two decimal places.)
A) 37.96%
B) 39.80%
C) 60.20%
D) 40.8%

Quizplus · Accepted Answer

To find the gross profit as a percentage of net sales, we need to use the formula:
Gross profit/net sales x 100%
From the given data, gross profit = $275,000 and net sales = $690,000
Therefore, the gross profit as a percentage of net sales = (275000/690000) x 100% = 39.86%
Rounding it to two decimal places, we get the answer as 39.80%, which is option B.

Mercer,Inc Net Sales Revenue 598,000 Cost of Goods Sold 360,000\begin{array} { | l | r | } \hline \text { Net Sales Revenue } & 598,000 \\\hline \text { Cost of Goods Sold } & 360,000 \\\hline\end{array} Net Sales Revenue Cost of Goods Sold ​598,000360,000​​

Mercer,Inc $\begin{array} { | l | r | } \hline \text { Net Sales Revenue } & 598,000 \\\hline \text { Cost of Goods Sold } & 360,000 \\\hline\end{array}$