thomas industries reported the following:\nnet sales $480,000 cost of goods sold $320,000\noperating…

thomas industries reported the following:\nnet sales $480,000 cost of goods sold $320,000\noperating expenses $58,000 tax rate 30%\nthe gross profit percentage is: (round your final answer to the nearest percentage.)\na. 20%.\nb. 15%.\nc. 67%.\nd. 33%.

thomas industries reported the following:\nnet sales $480,000 cost of goods sold $320,000\noperating expenses $58,000 tax rate 30%\nthe gross profit percentage is: (round your final answer to the nearest percentage.)\na. 20%.\nb. 15%.\nc. 67%.\nd. 33%.

Answer

Explanation:

Step1: Calculate Gross Profit

Gross Profit = Net Sales - Cost of Goods Sold
Gross Profit = $480,000 - $320,000 = $160,000

Step2: Calculate Gross Profit Percentage

Gross Profit Percentage = $\frac{\text{Gross Profit}}{\text{Net Sales}} \times 100%$
Gross Profit Percentage = $\frac{160,000}{480,000} \times 100% \approx 33.33%$

Step3: Round to Nearest Percentage

33.33% rounds to 33%.

Answer:

D. 33%