Determining the gross profit for the year, Accounting Basics

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Determining the gross profit for the year

CarMax Inc. reports sales of $6,973,966 thousand and cost of sales of $6,005,796 thousand for the year ended February 28, 2009. The gross profit for the year is:

Choose one answer.

a. $968,170

b. $12,979,762

c. 13.9%

d. 16.1%

e. there is not enough information to determine gross profit

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Accounting Basics: Determining the gross profit for the year

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Accounting Basics: Determining the gross profit for the year

Reference No:- TGS067409

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Determining the gross profit for the year

Reference No:- TGS067409

Recent Questions Asked Accounting Basics

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Q : Inventory costing method for tax and financial reporting

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