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Calculate the profit margin and gross profit rate

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Reference no: EM132429396

Question - The adjusted trial balance of Ivanhoe Company included the following selected accounts:

 

Debit

Credit

Sales Revenue

 

$630,000

Sales Returns and Allowances

$51,000

 

Sales Discounts

9,000

 

Cost of Goods Sold

408,000

 

Freight-Out

2,600

 

Advertising Expense

13,300

 

Interest Expense

22,200

 

Salaries and Wages Expense

85,000

 

Utilities Expense

25,000

 

Depreciation Expense

3,900

 

Interest Revenue

 

25,700

Required - Calculate the profit margin and gross profit rate.

Reference no: EM132429396

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