Grosvenor Corporation's Most Recent Income Statement Appears Below The Gross Margin Percentage Is Closest To:
A)80

question 50

Multiple Choice

Grosvenor Corporation's most recent income statement appears below: $$\begin{array} { | l | r | } \hline \text { Sales (all on account) } & \$ 807,000 \\\hline \text { Cost of goods sold } & 446,000 \\\hline \text { Gross margin } & 361,000 \\\hline \text { Selling and administrative expense } & 186,000 \\\hline \text { Net operating income } & 175,000 \\\hline \text { Interest expense } & 39,000 \\\hline \text { Net income before taxes } & 136,000 \\\hline \text { Income taxes } & 40,000 \\\hline \text { Net income } & \$ 96,000 \\\hline\end{array}$$ The gross margin percentage is closest to:

• A)80.9%
• B)44.7%
• C)376.0%
• D)26.6%

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