GS Retail reported the following for the past two fiscal years: (a) Calculate the gross profit margin
Question:
GS Retail reported the following for the past two fiscal years:
(a) Calculate the gross profit margin and profit margin for both years.
(b) Comment on any changes in profitability.
Transcribed Image Text:
Net sales Cost of goods sold Profit for the year 2024 $950,000 600,000 70,000 2023 $800,000 500,000 65,000
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2024 Gross profit margin 3684 950000 600000 950000 Profit marg...View the full answer
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Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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