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:

Narcissism

A personality trait characterized by a grandiose view of one's own talents and a craving for admiration, as characterized in the diagnostic criteria for narcissistic personality disorder.

Homeostatic System

A self-regulating process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

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Proportion

A relationship between parts of a whole, often expressed as a ratio or fraction.