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Financial information is presented below:Operating expenses $ 45,000Sales returns and allowances 3,000Sales discounts 7,000Sales revenue 160,000Cost of goods sold 96,000The gross profit rate would bea. .36.b. .64.c. .40.d. .34.

Respuesta :

Answer:

a. 0.36

Explanation:

The computation of the gross profit rate is shown below:

Gross profit rate = Gross profit ÷ Net sales revenue

where,

Net sales revenue = Sales revenue - Sales return and allowances - sales discounts

= $160,000 - $3,000 - $7,000

= $150,000

And, the Cost of goods sold is $96,000

So, the gross profit is

= $54,000 ÷ $150,000

= 0.36

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