Acmes gross profit ratio increased by 20 over the prior, Accounting Basics

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Acmes gross profit ratio increased by 20 over the prior

Working Backward: Gross Profit Ratio

Acme's gross profit ratio increased by 20% over the prior year. Net sales and cost of goods sold for the prior year were $120,000 and $90,000, respectively. Cost of goods sold for the current year is $140,000.

Required

Determine the amount of Acme's sales for the current year.

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Accounting Basics: Acmes gross profit ratio increased by 20 over the prior

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Accounting Basics: Acmes gross profit ratio increased by 20 over the prior

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