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Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 427,000 Cost of goods sold: Inventory, January 1 80,000 Net purchases 325,000 Goods available for sale 405,000 Inventory, December 31 93,000 Cost of goods sold 312,000 Gross profit $ 115,000 Thompson's 2021 gross profit ratio is

Respuesta :

Answer:

26.93%

Explanation:

Given that,

Sales = $427,000

Inventory, January 1 = 80,000

Net purchases = 325,000

Goods available for sale = 405,000

Inventory, December 31 = 93,000

Cost of goods sold = 312,000

Gross profit = $115,000

Gross profit ratio = (Gross profit ÷ sales) × 100

                            = ($115,000 ÷ $427,000) × 100

                            = 0.2693 × 100

                            = 26.93%

Therefore, Thompson's 2021 gross profit ratio is 26.93%.

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