last month, koreys comics had $4,350 in net sales with a gross profit of $3,320 and a net income of $1,850…

last month, koreys comics had $4,350 in net sales with a gross profit of $3,320 and a net income of $1,850. calculate koreys gross profit margin.\na. 42.5%\nb. 55.7%\nc. 76.3%\nd. 179.5%

last month, koreys comics had $4,350 in net sales with a gross profit of $3,320 and a net income of $1,850. calculate koreys gross profit margin.\na. 42.5%\nb. 55.7%\nc. 76.3%\nd. 179.5%

Answer

Explanation:

Step1: Recall gross - profit margin formula

The formula for gross - profit margin is $\text{Gross Profit Margin}=\frac{\text{Gross Profit}}{\text{Net Sales}}\times100%$.

Step2: Substitute given values

We are given that gross profit = $3320$ and net sales = $4350$. So, $\text{Gross Profit Margin}=\frac{3320}{4350}\times100%$.

Step3: Calculate the result

$\frac{3320}{4350}\approx0.7632$, and $0.7632\times100% = 76.32%\approx76.3%$.

Answer:

C. 76.3%