Knitness Menswear,Inc.maintains a markup of 60 percent based on cost.The company's selling and administrative expenses average 30 percent of sales.Annual sales were $1,440,000.Petersen's cost of goods sold and operating profit for the year are Cost of Operating
Goods Sold Profit

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The Answer of Knitness Menswear,Inc.maintains a markup of 60 percent based on cost.The company's selling and administrative expenses average 30 percent of sales.Annual sales were $1,440,000.Petersen's cost of goods sold and operating profit for the year are Cost of Operating
Goods Sold Profit