Carpenter,Inc.generated sales revenues of $1,400,000 in 2019.Its cost of goods sold amounted to Calculate Carpenter's gross profit percentage.

Name: Carpenter,Inc.generated sales revenues of $1,400,000 in 2019.Its cost of goods sold amounted to Calculate Carpenter's gross profit percentage.
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Question

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B)Gross profit = Sales revenue - Cost of goods sold = $1,400,000 - $560,000 = $840,000
Gross profit percentage = Gross profit / Sales revenue = $840,000 / $1,400,000 = 60%