A company has net sales of $56,500 and a cost of goods sold of $26,200. The company's gross profit percentage is approximately:

Question

Quizplus · Accepted Answer

To find the gross profit percentage, we need to use the following formula:

Gross Profit Percentage = Gross Profit / Net Sales x 100

To find the gross profit, we need to subtract the cost of goods sold from the net sales:

Gross Profit = Net Sales - Cost of Goods Sold

Gross Profit = $56,500 - $26,200

Gross Profit = $30,300

Now, we can plug in the values to the formula:

Gross Profit Percentage = $30,300 / $56,500 x 100

Gross Profit Percentage = 53.6%

Therefore, the answer is A) 53.6%.

A Company Has Net Sales of $56,500 and a Cost