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The gross profit rate is computed by dividing gross profit

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The gross profit rate is computed by dividing gross profit 1. A company shows the following balances: Sales $1,000,000 Sales Returns and Allowances 180,000 Sales Discounts 20,000 Cost of Goods Sold 560,000 What is the gross profit percentage? a. 56% b. 70% c. 44% d. 30% 2. The gross profit rate is computed by dividing gross profit by a. cost of goods sold. b. net income. c. net sales. d. sales. 3. In terms of liquidity, merchandise inventory is a. more liquid than cash. b. more liquid than accounts receivable. c. more liquid than prepaid expenses. d. less liquid than store equipment. 4. On a classified balance sheet, merchandise inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment. 5. Gross profit for a merchandiser is net sales minus a. operating expenses. b. cost of goods sold. c. sales discounts. d. cost of goods available for sale. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

The gross profit rate is computed by dividing gross profit

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