Neef Corporation has provided the following financial data from its balance sheet and income statement:

-The company's gross margin percentage for Year 2 is closest to:
A) 59.6%
B) 2.5%
C) 37.3%
D) 4076.9%

Question

Neef Corporation has provided the following financial data from its balance sheet and income statement:
  
-The company's gross margin percentage for Year 2 is closest to:
A) 59.6% 
B) 2.5% 
C) 37.3% 
D) 4076.9%

Quizplus · Accepted Answer

Gross margin percentage = Gross margin ÷ Sales
= $530,000 ÷ $1,420,000 = 37.3% (rounded)

Neef Corporation Has Provided the Following Financial Data from Its