Rubal Inc Earned Revenue of $400,000 and Incurred Cost of Goods

question 27

Multiple Choice

Rubal Inc. earned revenue of $400,000 and incurred cost of goods sold of $320,000. Calculate the gross profit percent.

• A)75%
• B)20%
• C)60%
• D)80%

---

Definitions:

Soybeans

A type of legume native to East Asia, widely grown for its edible bean which has numerous uses, including oil production and as a protein source in animal feeds and various food products.

Contract Price

The price agreed upon in a contract for the purchase or sale of an asset, service, or other commodity.

Lbs.

Abbreviation for pounds, a unit of weight measurement.

Orange Juice

A beverage made from the extraction or pressing of the natural liquid contained in orange fruits.