Use the Following Information to Determine the Gross Margin for Pacific

question 25

Essay

Use the following information to determine the gross margin for Pacific States Manufacturing for the year just ended (all amounts are in thousands of dollars):

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Definitions:

Economic Entities

Organizations or individuals engaged in economic activities, recognized as separate units for accounting and financial reporting.

Revenues

Revenues are the total amount of money generated by the sale of goods or services related to a company's primary operations.

Expenses

The costs incurred by a business in the process of earning revenue, such as rent, salaries, and utilities.