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 = [tex]\frac{\textup{Gross Profit}}{\textup{Sales revenue}}[/tex]
or
The company's gross profit ratio = [tex]\frac{120,000}{\textup{360,000}[/tex]
or
The company's gross profit ratio = 33.33%
