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Determine the company's gross profit rate and profit margin for both years.

Determine the company's gross profit rate and profit margin for both years.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 12BEA: Scherer Company provided the following income statements for its first 3 years of operation: Refer...
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Blossom Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 2021 $162,000 $136,000 97,200 81,600 29,160 20,400 20,000 12,000 $ 15,640 $ 22,000 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) Gross profit rate Profit margin 2022 eTextbook and Media % % 2021 % %
Transcribed Image Text:Blossom Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 2021 $162,000 $136,000 97,200 81,600 29,160 20,400 20,000 12,000 $ 15,640 $ 22,000 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) Gross profit rate Profit margin 2022 eTextbook and Media % % 2021 % %
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