Sleep Sack had net sales of $650,500,its cost of goods sold was $357,000,and its net income was $13,750.The gross margin ratio was 45.1%.

Name: Sleep Sack had net sales of $650,500,its cost of goods sold was $357,000,and its net income was $13,750.The gross margin ratio was 45.1%.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The gross margin ratio is calculated as (Net Sales - Cost of Goods Sold) / Net Sales. 
Using the given values, we get: 
Gross Margin Ratio = (650,500 - 357,000) / 650,500 = 45.1%
Thus, the statement is true.

Sleep Sack Had Net Sales of $650,500,its Cost of Goods