Question - Martin Corp. began the year with 2,000 units of inventory that had been purchased for $6 per unit. During the year, 5,000 units were purchased for $8 each and 8000 units for $10 each. Martin sold 9000 units during the year for $15 each. The company uses the weighted average cost method.
Compute cost of goods sold expense.
Compute the gross profit ratio.