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If a company has a gross profit of $300,000 and total sales of $1,000,000, what
If a company has a gross profit of $300,000 and total sales of $1,000,000, what is the gross profit margin?
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If a company has a gross profit of $300,000 and total sales of $1,000,000, what is the gross profit margin?
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Gross Profit Margin = (Gross Profit / Total Sales) x 100 = ($300,000 / $1,000,000) x 100 = 30%.
Questions & Step-by-step Solutions
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Q: If a company has a gross profit of $300,000 and total sales of $1,000,000, what is the gross profit margin?
Solution:
Gross Profit Margin = (Gross Profit / Total Sales) x 100 = ($300,000 / $1,000,000) x 100 = 30%.
Steps: 7
Show Steps
Step 1: Identify the gross profit, which is $300,000.
Step 2: Identify the total sales, which is $1,000,000.
Step 3: Use the formula for gross profit margin: Gross Profit Margin = (Gross Profit / Total Sales) x 100.
Step 4: Plug in the numbers: Gross Profit Margin = ($300,000 / $1,000,000) x 100.
Step 5: Calculate the division: $300,000 divided by $1,000,000 equals 0.3.
Step 6: Multiply 0.3 by 100 to get the percentage: 0.3 x 100 equals 30%.
Step 7: Conclude that the gross profit margin is 30%.
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