Question

A consumer products company reported a 5.9 percent increase in sales from 2014 to 2015. Sales in 2014 were $30,600. In 2015, the company reported the cost of goods sold in the amount of $10,607. What was the gross profit percentage in 2015? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).)

Answer 1

• Workings

A	Sales in 2014	$                  30,600.00
B = A x 5.9%	Increase in Sales in 2015 over 2014	$                    1,805.40 [30600 x 5.9%]
C = A+B	Sales in 2015	$                  32,405.40
D	Cost of Goods Sold in 2015	$                  10,607.00
E = C - D	Gross Profits in 2015	$                  21,798.40
F = (E/C) x 100	Gross Profit % in 2015	67.3%

• Answer = 67.3 % = GP percentage