A Company Reported the Following Information for the Month of November

question 75

Essay

A company reported the following information for the month of November:
$\begin{array}{|l|r|}\hline \text { Sales } & \$ 50,475 \\\hline \text { Sales discounts } & 235 \\\hline \text { Sales returns and allowances } & 2,840 \\\hline \text { Cost of goods sold } & 33,975 \\\hline\end{array}$ Required: Calculate this company's gross margin ratio.

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Definitions:

Manufacturing Jobs

Employment in industries that produce goods using labor and machines, typically involving the transformation of raw materials into finished products.

Subsidy Payments

Financial assistance granted by the government to individuals, organizations, or industries to support economic activities deemed beneficial for the public.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, leading to high unemployment and significant economic distress.

Economic Nation

A collective term referring to a country or state and its economic activities, system, and performance.