an item that cost $90 is sold for $120... the gross profit ratio for this item is?
I understand that GP = revenue - cost of goods sold
an item that cost $90 is sold for $120... the gross profit ratio for this item is?
I understand that GP = revenue - cost of goods sold
I estimated it to be 25% because revenue ($120) - cost of goods sold is $30 /$120 = 25%
That's correct.
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