uestion 4 (mandatory) (2 points) listen j.c. penny had net sales of $28,496 million, its cost of goods sold…

uestion 4 (mandatory) (2 points) listen j.c. penny had net sales of $28,496 million, its cost of goods sold was $19,092 million, and its net income was $997 million. its gross margin ratio equals: 3.5%. 5.2%. 33%. 67%. 149.3% question 5 (mandatory) (2 points)

uestion 4 (mandatory) (2 points) listen j.c. penny had net sales of $28,496 million, its cost of goods sold was $19,092 million, and its net income was $997 million. its gross margin ratio equals: 3.5%. 5.2%. 33%. 67%. 149.3% question 5 (mandatory) (2 points)

Answer

Explanation:

Step1: Calculate gross profit

Gross\ profit = Net\ sales - Cost\ of\ goods\ sold. $28496 - 19092=9404$ (in million)

Step2: Calculate gross - margin ratio

Gross - margin ratio=$\frac{Gross\ profit}{Net\ sales}\times100%$. $\frac{9404}{28496}\times 100%\approx 33%$

Answer:

33%