Compute the gross profit percentage

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Question

1. Determining Gross Profit, During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000.

a. What is the amount of the gross profit?

b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.

2. Determining Cost of Goods Sold, For a recent year, TechMart reported sales of $31,044 million. Its gross profit was $7,761 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.)

Reference no: EM132359610

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