Pronghorn Lte reported the following condensed statement of income data for the year ended August 31,...
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Pronghorn Ltée reported the following condensed statement of income data for the year ended August 31, 2021: Administrative expenses $718,000 Cost of goods sold 4,372,000 Income tax expense 602,000 Sales Interest expense Selling expenses $7,660,000 286,000 292,000 Sales Cost of Goods Sold Gross profit Operating expenses Selling Expenses Administrative Expenses Total operating expenses Income from operations Other income and expenses Interest Expense Income before income tax Income Tax Expense 292000 i 718000 I 57 7660000 4372000 i 3288000 1010000 i 2278000 286000 i 1992000 602000 i 1390000 Your Answer Correct Answer Your answer is partially correct. Calculate the gross profit margin and profit margin. (Round all amounts to 1 decimal place, e.g. 5.2%) Gross profit margin Profit margin 42.92 % 75.2 % Pronghorn Ltée reported the following condensed statement of income data for the year ended August 31, 2021: Administrative expenses $718,000 Cost of goods sold 4,372,000 Income tax expense 602,000 Sales Interest expense Selling expenses $7,660,000 286,000 292,000 Sales Cost of Goods Sold Gross profit Operating expenses Selling Expenses Administrative Expenses Total operating expenses Income from operations Other income and expenses Interest Expense Income before income tax Income Tax Expense 292000 i 718000 I 57 7660000 4372000 i 3288000 1010000 i 2278000 286000 i 1992000 602000 i 1390000 Your Answer Correct Answer Your answer is partially correct. Calculate the gross profit margin and profit margin. (Round all amounts to 1 decimal place, e.g. 5.2%) Gross profit margin Profit margin 42.92 % 75.2 %
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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