Review of the financial statements revealed the following for Glitter Inc.: Sales $1,250,000, Net income $37,500, Total assets $650,000, Long-term debt $750,000, Interest expense $65,000 and Cost of goods sold $775,000. What is the Glitter's gross profit margin closest to?
A) 3%
B) 38%
C) 52%
D) 62%

Question

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The Answer of Review of the financial statements revealed the following for Glitter Inc.: Sales $1,250,000, Net income $37,500, Total assets $650,000, Long-term debt $750,000, Interest expense $65,000 and Cost of goods sold $775,000. What is the Glitter's gross profit margin closest to?
A) 3%
B) 38%
C) 52%
D) 62%

Review of the Financial Statements Revealed the Following for Glitter