3. Anthony Thomas Candies (ATC) reported the following financial data for...
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3. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2017 2018 $311,000 8,000 $303,000 $295,000 5,500 $289,500 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 57,000 140,000 197,000 66,000 131,000 $172.000 29,000 144,000 173,000 57,000 116,000 $173,500 ATC's gross profit ratio (rounded) in 2018 is: A. 56.8%. B. 58.3%. C. 45.0%. D. None of these answer choices are correct. Page 4 of 13
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