16 Coleman Inc provides the following data from its income s

16) Coleman, Inc. provides the following data from its income statement for 2017: Net Sales $500,000 200 ost of Goods Sold Gross Profit Calculate the gross profit percentage. (Round your answer to two decimal places.) A) 150.00% B) 60.00% C) 100.00% D) 40.00%

Solution

Ans: B

Gross profit percentage = (Gross profit / Total sales) * 100

= (300,000 / 500,000) * 100

= 60%