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%

Question

Mathematics

Tate Barr

27 October, 17:37

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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Morgan Waller · Answer 1

The gross profit margin is calculated by dividing the gross profit by the net sales and multiplying the quotient by 100%. That is,

gross profit margin = (3,320 / 4,350) x 100% = 76.32%

Thus, the answer is letter C.