Question

​Mercer, Inc. provides the following data for​ 2019: Net Sales Revenue 59 ,000 Cost of Goods Sold 390,000 The gross profit as a percentage of net sales is​ ________. (Round your answer to two decimal​ places.)

Answer 1

15.13%

Step-by-step explanation:

`(gross \: profit)/(sales \: revenue)`

59,000/390,000 = 0.151282

this value is a ratio

we will multiply by 100 to convert to a percent

0.151282 x 100 = 15.1282%

then rounding up to two decimals

15.13%

this means for every dollar of sale the company achieves 15.13 cent of gross profit