A consumer products company reported a 5.0 percent increase in sales from 2014 t

Question

A consumer products company reported a 5.0 percent increase in sales from 2014 to 2015. Sales in 2014 were $29,700. In 2015, the company reported cost of goods sold in the amount of $10,107. What was the gross profit percentage in 2015? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).)

What is the gross profit percentage?

A consumer products company reported a 5.0 percent increase in sales from 2014 to 2015. Sales in 2014 were $29,700. In 2015, the company reported cost of goods sold in the amount of $10,107. What was the gross profit percentage in 2015? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).)

Explanation / Answer

Statement showing computations Particulars Amount Sales = 29,700 * 1.05        31,185.00 Cost of Goods Sold        10,107.00 Gross Profit = Sales - COGS        21,078.00 Gross Profit % = 21,078/31,185 67.59%

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