Answer:
61.54%
Explanation:
Given that,
Net Sales = $13,000
Cost of goods sold = 5,000
Operating expenses = 3,500
Other income = 1,000
Income tax expense = 1,700
Gross profit percentage:
= [(Sales - cost of goods sold) ÷ Sales] × 100
= [($13,000 - $5,000) ÷ $13,000] × 100
= ($8,000 ÷ $13,000) × 100
= 0.6154 × 100
= 61.54%
Therefore, Dino’s gross profit percentage for the month of January is 61.54%.
Based on the entries given by Dino, the gross profit percentage for the month would be 61.5%.
The gross profit percentage can be found by the formula:
= (Net sales - Cost of goods sold) / Net sales x 100%
Solving gives:
= (13,000 - 5,000) / 13,000 x 100%
= 61.5%
In conclusion, this is 61.5%.
Find out more on gross profit at https://brainly.com/question/1358513.
