Gilbert Company generated sales revenues of $1,800,000 in 2017.Its cost of goods sold amounted to
Calculate Gilbert's gross profit percentage.

Name: Gilbert Company generated sales revenues of $1,800,000 in 2017.Its cost of goods sold amounted to Calculate Gilbert's gross profit percentage.
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Question

Gilbert Company generated sales revenues of $1,800,000 in 2017.Its cost of goods sold amounted to 
Calculate Gilbert's gross profit percentage.

Quizplus · Accepted Answer

B)Gross profit = Sales revenue - Cost of goods sold = $1,800,000 - $990,000 = $810,000
Gross profit percentage = Gross profit / Sales revenue = $810,000 / $1,800,000 = 55%

Gilbert Company Generated Sales Revenues of $1,800,000 in 2017