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Barney Corporation reported the following figures for their year ending December 31, 2019: Gross profit: 538,000 Cost of goods sold: 453,000 Net income: 230,000 Using the data above, calculate Barney Corp's 2019 Gross Profit Margin.

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Answer:

Barney Corp.'s gross profit margin for 2019 = 54.29%

Explanation:

gross profit margin = (net sales - cost of goods sold) / net sales

  • net sales - cost of goods sold = gross profit = $538,000
  • net sales = gross profit + cost of goods sold = $538,000 +  $453,000 = $991,000

gross profit margin = $538,000 / $991,000 = 0.5429 = 54.29%

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