The Following Information Is Taken from the Financial Statements of Clybourn

question 132

Multiple Choice

The following information is taken from the financial statements of Clybourn Company for the current year: $\begin{array}{lr}\text { Current Assets } & \$ 32,000 \\\text { Total Assets } & 1,424,000 \\\text { Cost of Goods Sold } & 1,040,000 \\\text { Gross Profit } & 320,000 \\\text { Net Income } & 192,000\end{array}$ The gross profit percentage for the current year rounded to the nearest whole percent is closest to:

• A)24%.
• B)76%.
• C)60%.
• D)31%.

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