Questions 1 and 2 are based on the following information. Selected account balances from a...
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Questions 1 and 2 are based on the following information. Selected account balances from a retail firms adjusted trial balance at the end of the first quarter of operations for the current fiscal year include the following:
- Sales$32,000,000
- Executive & administrative salary expense $4,200,000
- Sales salary expense $1,400,000
- Sales commissions... $1,800,000
- Cost of goods sold.. $18,880,000
- Advertising expense. $1,500,000
- Utility expense.. $190,000
- Depreciation expense $210,000
- Rent expense. $2,100,000
- Insurance expense. $320,000
- Income tax expense... $420,000
Based solely on the account information provided, what was the gross profit ratio for the quarter? and Based solely on the account information provided, what was the net profit margin for the quarter? please show work thank you
| a. | 59.0% | |
| b. | 3.1% | |
| c. | 41.0% | |
| d. | 4.4% |
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