Company X has net sales revenue of $780,000,cost of goods sold of $343,200,and all other expenses of $327,600.The gross profit percentage is closest to:

Question

Quizplus · Accepted Answer

Gross profit = Net sales revenue - Cost of goods sold 
Gross profit = $780,000 - $343,200 
Gross profit = $436,800

Gross profit percentage = (Gross profit / Net sales revenue) x 100% 
Gross profit percentage = ($436,800 / $780,000) x 100% 
Gross profit percentage = 56%

Therefore, the closest gross profit percentage is 56%, which is option B.

Company X Has Net Sales Revenue of $780,000,cost of Goods