If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit percentage is
A) 70%.
B) 30%.
C) 15%.
D) 100%.

Question

Quizplus · Accepted Answer

The formula for calculating gross profit percentage is (Net Sales - Cost of Goods Sold) / Net Sales x 100. Using the numbers given, we can plug them into the formula: 
(500,000 - 350,000) / 500,000 x 100 = 30%. Therefore, the correct choice is B.

If a Company Has Net Sales of $500,000 and Cost