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ABC Company had beginning inventory of $20,000, purchases of $81,000, and ending inventory of $24,000. Sales revenue was $160,000. What is ABC's gross profit percentage

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abiolataiwo2015

Based on the information given  ABC's gross profit percentage is 52%.

Gross profit percentage

Using this formula

Gross profit percentage=Sales revenue-(Beginning inventory+Purchases-Ending inventory)/Sales revenue

Let plug in the formula

Gross profit percentage=160,000-(20,000+81,000-24,000)/160,000

Gross profit percentage=160,000-77,000/160,000

Gross profit percentage=83,000/160,000

Gross profit percentage=0.518×100

Gross profit percentage=52% (Approximately)

Inconclusion ABC's gross profit percentage is 52%.

Learn more about  gross profit percentage here:https://brainly.com/question/15825562

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