Sole Occhiali Group, an Italian company that sells sunglasses, reported Net Sale

Question

Sole Occhiali Group, an Italian company that sells sunglasses, reported Net Sales of $198,000 and Cost of Goods Sold of $68,300. Candy Electronics Corp. reported Net Sales of $56,000 and Cost of Goods Sold of $42,200.

Calculate the Gross Profit Percentage for both companies. (Round your answers to 1 decimal place.)

Sole Occhiali Group, an Italian company that sells sunglasses, reported Net Sales of $198,000 and Cost of Goods Sold of $68,300. Candy Electronics Corp. reported Net Sales of $56,000 and Cost of Goods Sold of $42,200.

Calculate the Gross Profit Percentage for both companies. (Round your answers to 1 decimal place.)

Explanation / Answer

Sole Occhiali Group

Gross Profit of Sole Occhiali : Net sales - COGS = 198000-68300= 129700,

Gross Profit ratio = Gross Profit/ Net Sales = 129700/198000= 65.6%

Candy Electronics Corp

Gross Profit of Candy electronics : Net sales - COGS = 56000-42200= 13800

Gross Profit ratio = Gross Profit/ Net Sales = 13800/56000=24.6%

Sole Occhiali Group

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