TNR is preparing its budgeted income statement for the month of August. Budgeted sales are $18,000. Cost of goods sold is twice the amount of operating costs, and operating costs plus cost of goods sold equals 40% of net profit. Return on sales (net profit / sales) is anticipated to be 50%. TNR's budgeted gross margin is

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The Answer of TNR is preparing its budgeted income statement for the month of August. Budgeted sales are $18,000. Cost of goods sold is twice the amount of operating costs, and operating costs plus cost of goods sold equals 40% of net profit. Return on sales (net profit / sales) is anticipated to be 50%. TNR's budgeted gross margin is

TNR Is Preparing Its Budgeted Income Statement for the Month