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Garrit Limited's Income Statement Reported the Following for the Year

Question 71

Multiple Choice

Garrit Limited's income statement reported the following for the year ended Dec 31,2016:
Garrit Limited's income statement reported the following for the year ended Dec 31,2016: Which is the correct statement about the income statement? A) Mark-up on selling price is $573,000. B) Mark-up on cost is 53.75%. C) Gross margin percentage is 20.32%. D) Mark-up on the selling price is $308,000.
Which is the correct statement about the income statement?


A) Mark-up on selling price is $573,000.
B) Mark-up on cost is 53.75%.
C) Gross margin percentage is 20.32%.
D) Mark-up on the selling price is $308,000.

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