Use the Following Information for Questions: Sales $1,500,000; Gross Profit

question 46

Multiple Choice

Use the following information for questions: 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:

Language Development

The process by which children come to understand and communicate language during early childhood.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed.

Gross Motor Skills

The abilities required to control the large muscles of the body for walking, running, sitting, and other activities.

Fine

In another context, refers to a monetary charge imposed as a penalty for an offense.