Business, 09.12.2020 21:50 njx

Net sales for the year were $325,000 and cost of goods sold was $240,500 for the companyâ€™s existing products. A new product is presently under development and has an expected selling price of $40 per unit in order to remain competitive with similar products in the marketplace. The dollar amount of gross profit and the gross profit ratio for the year were: a. $324,000 and 100%, respectively.
b. $84,500 and 26%, respectively.
c. $240,500 and 74%, respectively.
d. $83,500 and 74%, respectively.

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Net sales for the year were $325,000 and cost of goods sold was $240,500 for the companyâ€™s existin...

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