Chapter's had net sales of $26,125 million.Its cost of goods sold was $16,022 million.Its net income was $997 million.Its gross profit ratio was:
A) 3.5%.
B) 67%.
C) 38.6%.
D) 5.2%.
E) 149.3%.

Question

Quizplus · Accepted Answer

Gross Profit = Net Sales - Cost of Goods Sold = $26,125 million - $16,022 million = $10,103 million
Gross Profit Ratio = (Gross Profit/Net Sales) x 100% = ($10,103 million/$26,125 million) x 100% = 38.6%

Chapter's Had Net Sales of $26,125 Million