The parts department shows gross sales of $116,000 and cost of goods sold of $38,000. What is the gross profit percentage of the parts department?

Name: The parts department shows gross sales of $116,000 and cost of goods sold of $38,000. What is the gross profit percentage of the parts department?
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Question

Quizplus · Accepted Answer

Gross profit is calculated as gross sales minus cost of goods sold, which is $116,000 - $38,000 = $78,000. The gross profit percentage is then ($78,000 / $116,000) * 100 = 67.2%.

The Parts Department Shows Gross Sales of $116,000 and Cost