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What is the gross margin ratio for Amy

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Question - Amy purchases 10 units of inventory from Bob for $1,700. Amy then sells these 10 units to Jill for $2,000. Jill pays $1,950 in cash and puts the remainder on open account. What is the gross margin ratio for Amy? Is this favorable or unfavorable if the industry average is 9.5%?

15% and Unfavorable

15% and Favorable

12.5% and Unfavorable

12.5% and Favorable

None of the above

Reference no: EM132493249

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