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Question
The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31.
Advertising Expense $11,500 Cost of Goods Sold 87,400 Delivery Expense 4,900 Insurance Expense 1,100 Income Tax Expense 6,320 Rent Expense 10,500 Interest Expense 1,400 Sales Revenue 160,800 Sales Discounts 10,300 Sales Returns & Allowances 17,900
Required:
Compute the gross profit percentage.
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