Kingbridge Range Company has sales in 2014 of $2,650,000. During the year, the company had $80,000 in sales returns. The cost of these sales was $1,800,000. Operating expenses excluding salaries and wages were $150,000 and salaries and wages incurred during the year were $300,000. Kingbridge uses a perpetual inventory system.
Instructions
Calculate Kingbridge Range Company's gross profit margin and profit margin for 2014.

Question

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The Answer of Kingbridge Range Company has sales in 2014 of $2,650,000. During the year, the company had $80,000 in sales returns. The cost of these sales was $1,800,000. Operating expenses excluding salaries and wages were $150,000 and salaries and wages incurred during the year were $300,000. Kingbridge uses a perpetual inventory system.
Instructions
Calculate Kingbridge Range Company's gross profit margin and profit margin for 2014.

Kingbridge Range Company Has Sales in 2014 of $2,650,000