determine the gross profit rates round to one decimal place 581652

Presented below is financial information for two different companies.

Nam

Mayo

Company

Company

Sales

$90,000

(d)

Sales returns

(a)

$ 5,000

Net sales

84,000

100,000

Cost of goods sold

56,000

(e)

Gross profit

(b)

41,500

Operating expenses

15,000

(f)

Net income

(c)

15,000

Instructions

(a) Determine the missing amounts.

(b) Determine the gross profit rates. (Round to one decimal place.)