Katz Group Had the Following Income Statement for the Month

question 156

Multiple Choice

Katz Group had the following income statement for the month of May.
$\begin{array}{l}\text { Sales revenue } &&\$428,000\\\text { Cost of goods sold } &&205,440\\\text { Gross margin }&&222,560\\\text { Less: }\\&\text { Selling expenses }&81,320\\&\text { Administrative expenses }&72,760\\\text { Operating income }&&\$68,480\end{array}$
-Refer to the Figure.What was the sales revenue percentage?

• A)16%
• B)48%
• C)52%
• D)100%

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Definitions:

Comparative Advantage

The ability of an individual or country to produce a particular good or service at a lower opportunity cost than its competitors.

Standard Of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

Natural Resources

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.

Standard Of Living

The degree of prosperity, convenience, and access to material possessions and basic needs experienced by an individual, community, or society.