J.C.Penney had net sales of $24,750 million,cost of goods sold of $16,150 million,and net income of $837 million.Its gross margin ratio equals 3.4%.

Name: J.C.Penney had net sales of $24,750 million,cost of goods sold of $16,150 million,and net income of $837 million.Its gross margin ratio equals 3.4%.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The gross margin ratio is calculated as (Net Sales - Cost of Goods Sold) / Net Sales. For J.C. Penney, it would be ($24,750 million - $16,150 million) / $24,750 million = 34.4%, not 3.4%.

JCPenney Had Net Sales of $24,750 Million,cost of Goods Sold