Given the Following Data: Sales $1,500,000;gross Profit $640,000;net Income $40,000

question 31

Multiple Choice

Given the following data: sales $1,500,000;gross profit $640,000;net income $40,000 and income tax expense $35,000.What is the common-size percentage for the cost of sales?

• A)3.0%
• B)37.7%
• C)42.7%
• D)57.3%

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Definitions:

Labor Supplied

The total hours that workers are willing to work at a given wage rate, representing the workforce available to the economy.

Labor Demanded

The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.

Natural Disaster

A sudden and extreme event caused by environmental factors that results in significant damage or loss.

Highest Valued Uses

The application of resources or efforts in the manner that yields the greatest benefit or utility.