Gross Profit Percentage
Response to the following problem:
An accountant sometimes must convert gross profit percentages.
Required
1. Convert the following gross profit percentages based on net sales to gross profit as a percentage of the cost of goods sold:
20%, 25%, and 40%.
2. Convert the following gross profit percentages based on the cost of goods sold to gross profit as a percentage of net sales:
20%, 25%, and 40%.