Exercise 5-10 Working Backward: Gross Profit Ratio Acme’s gross profit ratio increased by 20%…


Question Description:

25

Exercise 5-10 Working Backward: Gross Profit Ratio Acme’s gross profit ratio increased by 20%… 1 answer below » Exercise 5-10 Working Backward: Gross Profit Ratio Acme’s gross profit ratio increased by 20% over the prior year. Net sales and cost of goods sold for the prior year were $120,000 and $90,000, respectively. Cost of goods sold for the current year is $140,000. Required Determine the amount of Acme’s sales for the current year. Jan 29 2016 12:14 PM

Answer

25