Bowring Company took the following data from their income statement at the end of the current year.
$$\begin{array} { l r }
\text { Per-unit product cost: } & \$ 30 \
\text { Gross margin percentage: } & 40 \% \
\text { Selling and admini strative expenses } & \$ 30,000 \
\text { Operating income } & \$ 10,000
\end{array}$$
-Refer to the Figure.What was the gross margin for the year?
A)$40,000
B)$50,000
C)$60,000
D)$100,000

Question

Bowring Company took the following data from their income statement at the end of the current year.
 $$\begin{array} { l r } 
\text { Per-unit product cost: } & \$ 30 \
\text { Gross margin percentage: } & 40 \% \
\text { Selling and admini strative expenses } & \$ 30,000 \
\text { Operating income } & \$ 10,000
\end{array}$$
-Refer to the Figure.What was the gross margin for the year?
A)$40,000
B)$50,000
C)$60,000
D)$100,000

Quizplus · Accepted Answer

The Answer of Bowring Company took the following data from their income statement at the end of the current year.
 $$\begin{array} { l r } 
\text { Per-unit product cost: } & \$ 30 \
\text { Gross margin percentage: } & 40 \% \
\text { Selling and admini strative expenses } & \$ 30,000 \
\text { Operating income } & \$ 10,000
\end{array}$$
-Refer to the Figure.What was the gross margin for the year?
A)$40,000
B)$50,000
C)$60,000
D)$100,000

Bowring Company Took the Following Data from Their Income Statement