A Company Reported the Following Information for the Month of November

question 183

Essay

A company reported the following information for the month of November:
$$\begin{array} { | l | r | } \hline \text { Sales } & \$ 50,475 \\\hline \text { Sales discounts } & 235 \\\hline \text { Sales returns and allowances } &2 , 8 4 0 \\\hline \text { Cost of goods sold } & 3 3 , 9 7 5 \\\hline\end{array}$$
Required: Calculate this company's gross margin ratio.

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Definitions:

Legal Liability

The responsibility of an entity to bear the consequences of legal actions, losses, or damages.

Credit Request

A formal application made by an individual or business seeking to borrow money or obtain goods or services on credit.

Denying Credit

The refusal to acknowledge someone's contribution or role in achieving something.

Employment Duration

The length of time an individual is employed in a specific job or with a particular company.