A Company Had Net Sales of $752,000 and Cost of Goods

question 92

Multiple Choice

A company had net sales of $752,000 and cost of goods sold of $543,000. Its net income was $17,530. The company's gross margin ratio equals:

• A) 18.9%
• B) 34.7%
• C) 35.2%
• D) 27.8%
• E) 24.5%

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Definitions:

Ethical Decision

A decision-making process that involves evaluating and choosing among alternatives in a manner consistent with ethical principles.

Ethical Pluralism

The belief that there are multiple ethical principles or values that can be equally correct and fundamental in assessing moral questions, rejecting the idea of one universal moral truth.

Indifference

A lack of concern, interest, or sympathy towards others or a particular issue.

Openness

A personality trait or quality characterized by transparency, willingness to experience new things, and candid communication.