A company reported the following in its 2024 financial statements: 2024 Sales $ 420,000 Cost of goods
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Question:
A company reported the following in its 2024 financial statements:
| 2024 | |
|---|---|
| Sales | $ 420,000 |
| Cost of goods sold: | |
| Inventory, January 1 | 82,000 |
| Net purchases | 340,000 |
| Goods available for sale | 422,000 |
| Inventory, December 31 | 86,000 |
| Cost of goods sold | 336,000 |
| Gross profit | $ 84,000 |
What is the company's 2024 gross profit ratio ?
Expert Answer:
The gross profit ratio is a profitability ratio that measures the percentage of s... View the full answer
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