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Last month, Korey’s Comics had $4,350 in net sales with a gross profit of $3,320 and a net income of $1,850. Calculate Korey’s gross profit margin.
a.
42.5%
b.
55.7%
c.
76.3%
d.
179.5%

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Answer:

76.3%

Explanation:

Gross profit margin is calculated by dividing the gross profit (difference between revenue and cost of goods sold) by revenue (Net sales). It could be expressed as a percentage by multiplying by 100.

Gross profit margin = (gross profit ÷ net sales) * 100

Gross profit = $3,320

Net sales = $4,350

Gross profit margin = ($3,320÷$4,350) * 100

0.763 * 100 = 76.3%

Korey’s gross profit margin last month is 55.7%.

What is the gross profit margin?

The gross profit margin is a profitability raio. Profitability ratios measures the efficiency with which a company generates profit from its asset. Gross profit margin measures the return on sales.

Gross profit margin = net income / gross profit

$1850 / 3320 = 0.557 = 55.7%

To learn more about profit margin, please check: https://brainly.com/question/26208770