Gilbert Ltd generated sales revenues of $1,400,000 in the year 2017.Its cost of sales amounted to $ 560,000 . Calculate Gilbert's gross profit percentage.(Round your answer to the nearest whole percentage. )

Question

Quizplus · Accepted Answer

Gross profit percentage is calculated as (Gross Profit / Sales Revenue) * 100. Gross Profit is Sales Revenue minus Cost of Sales, which is $1,400,000 - $560,000 = $840,000. Therefore, the gross profit percentage is ($840,000 / $1,400,000) * 100 = 60%.

Gilbert Ltd Generated Sales Revenues of $1,400,000 in the Year