Mormino Corporation's Income Statement Appears Below The Company's Gross Margin Percentage Is Closest To:
A)1888

Mormino Corporation's income statement appears below: $\begin{array}{lr}\text { Income Statement }\\\text { Sales (all on account) }&\$1,240,000\\\text { Cost of goods sold }&730,000\\\text { Gross margin }&510,000\\\text { Operating expenses }&450,000\\\text { Net operating income }&59,538\\\text { Interest expense. }&18,000\\\text { Net income before taxes }&41,538\\\text { Income taxes (35\%) }&14,538\\\text { Net income }&\$27,000\end{array}$
The company's gross margin percentage is closest to:

A) 1888.9%
B) 5.3%
C) 41.1%
D) 69.9%

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free