Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales
Question:
Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales prices. Convert the following gross profit percentages based on cost to gross profit percentages based on sales price: 25% and 331⁄3%. Convert the following gross profit percentages based on sales price to gross profit percentages based on cost: 331⁄3% and 60%.
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Gross profit as a percentage of sales indicates that the margin is based on ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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