What is Reed's Company's gross profit percentage (rounded) for the year, assuming the ending inventory totaled $685?
Gross Profit margin
Gross profit margin is the difference when cost of goods sold is deducted in the sales revenue. This is used to cover up administrative and operating expense to get the net income of the company.
Answer and Explanation:
I think the asset lack important information. Please recheck.
To compute for the gross profit percentage, the presence of gross profit and the sales revenue are important as they determine the gross profit rate.
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from Financial Accounting: Help and ReviewChapter 5 / Lesson 17