If a company has net sales of $600000 and cost of goods sold of $372000 the gross profit percentage is
A) 22%.
B) 38%.
C) 62%.
D) 100%.

Question

Quizplus · Accepted Answer

The gross profit is calculated as net sales minus cost of goods sold, which in this case is $600000 - $372000 = $228000. The gross profit percentage is then calculated as (gross profit/net sales) x 100%. Therefore, ($228000/$600000) x 100% = 38%. The correct answer is B.

If a Company Has Net Sales of $600000 and Cost