lex Enterprises reports the following information on its year-end income statement: Net sales $300,000 Operating expenses $60,000 Cost of goods sold 180,000 Other income 20,000 Calculate Alex’s gross profit percentage and profit margin. Round to one decimal place.

lex Enterprises reports the following information on its year-end income statement: Net sales $300,000 Operating expenses $60,000 Cost of goods sold 180,000 Other income 20,000 Calculate Alex’s gross profit percentage and profit margin. Round to one decimal place.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

Alex Enterprises reports the following information on its year-end income statement:

Net sales	$300,000	Operating expenses	$60,000
Cost of goods sold	180,000	Other income	20,000

Calculate Alex’s gross profit percentage and profit margin. Round to one decimal place.

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