Wright & Boyle Inc.had the following income statement for the month of May:
- What was the gross margin percent? (Note: Round answer to two decimal places.)

A) 53.75%
B) 48.75%
C) 17.20%
D) 19.14%

Question

Wright & Boyle Inc.had the following income statement for the month of May:
- What was the gross margin percent? (Note: Round answer to two decimal places.)
 
A) 53.75% 
B) 48.75% 
C) 17.20% 
D) 19.14%

Quizplus · Accepted Answer

SUPPORTING CALCULATIONS: $222,560 / $428,000 =
Gross margin percent = Gross margin / Sales revenue
$253,033.60 / $470,800 = 53.75%