Bowring Company Took the Following Data from Their Income Statement

question 86

Multiple Choice

Bowring Company took the following data from their income statement at the end of the current year.
$$\begin{array} { l r } \text { Per-unit product cost: } & \$ 30 \\\text { Gross margin percentage: } & 40 \% \\\text { Selling and admini strative expenses } & \$ 30,000 \\\text { Operating income } & \$ 10,000\end{array}$$
-Refer to the Figure.What was the gross margin for the year?

• A)$40,000
• B)$50,000
• C)$60,000
• D)$100,000

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