Danby, Inc. provides the following data from its income statement for 2018: $$\begin{array} { | l | r | }
\hline \text { Net Sales } & \$ 520,000 \
\hline \text { Cost of Goods Sold } &( 190,000) \
\hline \text { Gross Profit } & \$ 330,000 \
\hline
\end{array}$$ Calculate the gross profit percentage. (Round your answer to two decimal places.)

Question

Danby, Inc. provides the following data from its income statement for 2018: $$\begin{array} { | l | r | } 
\hline \text { Net Sales } & \$ 520,000 \
\hline \text { Cost of Goods Sold } &( 190,000) \
\hline \text { Gross Profit } & \$ 330,000 \
\hline
\end{array}$$ Calculate the gross profit percentage. (Round your answer to two decimal places.)

Quizplus · Accepted Answer

Gross profit percentage is calculated as (Gross Profit / Net Sales) * 100. Here, it's (\$330,000 / \$520,000) * 100 = 63.46%.

Danby, Inc Calculate the Gross Profit Percentage