Please answer Part B only! The following is Blossom Company\'s income statement

Question

Please answer Part B only!

The following is Blossom Company's income statement for the past year Sales revenue Cost of goods sold Gross margin Operating expenses Operating income $620,000 372,000 248,000 110,000 $138,000 Collapse question part Correct answer. Your answer is correct. What is the markup percentage on cost of goods sold? (Round answer to 0 decimal places, e.g. 4596) Markup percentage Entry field with correct answer 67 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT LINK TO VIDEO Attempts: 1 of 2 used Collapse question part what is the markup percentage on total cost? (Round answer to 0 decimal places, eg, 45%) Markup percentage

Explanation / Answer

Markup % on Total Cost is = (Gross Margin/(Cost of goods sold + Operating Expenses))*100 Markup % on Total Cost is = (248000/(372000+110000))*100 Markup % on Total Cost is = 51%

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