Solved: Determine gross profit and gross margin, Accounting Basics

Determine gross profit and gross margin

Task: Looking for the gross profit and gross margin from the following data:

Inventory 12/31 $25,000
Purchase $120,000
Freight-in $5,000
Sales $225,000
Property tax $10,000
Depreciation $20,000
Insurance $8,000
Salary-Sales staff $20,000
Advertising $6,000

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Accounting Basics: Determine gross profit and gross margin

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Accounting Basics: Determine gross profit and gross margin

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