ABC Ltd. has the following information for the year ended December 31, 2022: Beginning inventory: $40,000 Purchases:
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Question:
ABC Ltd. has the following information for the year ended December 31, 2022:
- Beginning inventory: $40,000
- Purchases: $200,000
- Ending inventory: $50,000
- Sales revenue: $300,000
- Cost of goods sold: $170,000
- Operating expenses: $50,000
- Interest expense: $10,000
- Income tax rate: 30%
Calculate the following for ABC Ltd.:
a) Gross profit b) Net profit
c) Gross profit margin
d) Net profit margin
Show all calculations and round to two decimal places.
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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