thematthewmills2514 thematthewmills2514

14-04-2022
Business

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Jim had a very good quarter at his car lot with net sales reaching just over $456,000. this created a net income of $195,000. if jim's operating expenses last quarter were $23,000, what was his gross profit margin? a. 5.0% b. 37.7% c. 42.8% d. 47.8% please select the best answer from the choices provided a b c d

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ewomazinoade ewomazinoade

19-04-2022

The gross profit margin of Jim given the net income and the net sales is 42.8%.

What is the gross profit margin?

Gross profit margin is an example of a profitability ratio. Profitability ratios measures the efficiency with which a company generates profit from its asset.

Gross profit margin = gross profit / net sales

195,000 / 456,000 = 42.8%

To learn more about financial ratios, please check: https://brainly.com/question/26092288

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