Acompany reports the following amounts at the end of the year:
sales revenue $ 360,000
cost of goods sold 240,000
net income 53,000
compute the company's gross profit ratio. (round your final answer.)

33.33%

Explanation:

Given:

Sales revenue = $360,000

Cost of goods sold = $240,000

Net income = $53,000

Now,

the gross profit = Sales revenue - Cost of goods sold

or

The gross profit = $360,000  - $240,000  = $120,000

Thus,

the company's gross profit ratio =

or

The company's gross profit ratio =  

or

The company's gross profit ratio = 33.33%

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