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Unformatted text preview: percentage of sales price? C+.2C = 140,000 1.2C = 140,000 C= 116,666.67 140,000116,666.67 = 23333.33 23,333.33/140,000 = 16.67 Check figure: 16 2/3% (3) If gross profit is 33 1/3% of sales price, what is the gross profit percentage expressed as a percentage of cost? Cost + Gross profit = selling price C + 1/3 (140,000) = 140,000 C = 93,333.33 46,666.67/93,333.33 = .5 (4) A company has a markup of 25% based on cost. How much is gross profit as a percentage of sales? (5) What is the formula for the inventory turnover ratio ? COGS/ average inventory...
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 Spring '08
 Reed
 Sales

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