American Importers reports net income of $72000 and cost of goods sold of $559000. If the...
American Importers reports net income of $72000 and cost of goods sold of $559000. If the company’s gross profit rate was 40%, net sales were
Homework Answers
Gross profit rate = 40%
Cost of goods sold rate =Sales-Gross profit = 100-40 = 60%
Net Sales = Cost of goods sold/Cost of goods sold rate = 559000/.60 = $931667
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American Importers reports net income of $72000 and cost of
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