Danby,Inc.provides the following data from its income statement for 2018:
Calculate the gross profit percentage.(Round your answer to two decimal places. )
Definitions:
Assembly Labor
The work force and associated costs involved in physically assembling products in a manufacturing process.
Material Equivalent Units
A concept used in process costing that converts partially completed units into an equivalent number of fully completed units.
Finishing Department
The last phase in the manufacturing process where products are completed, polished, inspected, and prepared for sale or shipment.
First-In, First-Out
An inventory valuation method where the goods first purchased or produced are the first ones sold, assuming that older inventory is used up first.
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