Tulsa, Inc., reported the following data:
|
Freight in |
$ 20,000 |
Sales returns |
$ 10,000 |
|
Purchases |
205,000 |
Purchase returns |
6,000 |
|
Beginning inventory |
50,000 |
Sales revenue |
490,000 |
|
Purchase discounts |
4,000 |
Ending inventory |
40,000 |
Tulsa’s gross profit percentage is
a. 47.9%.
b. 52.1%.
c. 53.1%.
d. 54.0%.