Supreme's gross profit rate was:

Name: Supreme's gross profit rate was:
Brand: Quizplus
Rating: 4.8 (47 reviews)

Question

Quizplus · Accepted Answer

In the text, it is stated that Supreme's revenues were $592 million and their cost of goods sold was $250.2 million. To calculate the gross profit rate, we need to subtract the cost of goods sold from revenues and divide that by revenues.

$592 million - $250.2 million = $341.8 million (gross profit)

$341.8 million / $592 million = 0.577 or 57.7%

Therefore, the correct answer is B.

Supreme's Gross Profit Rate Was