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A company's net sales are $829,600, its costs of goods sold are $453,790, and its net income is $114,810. Its gross margin ratio equals:

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Answer:

Gross margin ratio= 0.45

Explanation:

Giving the following information:

A company's net sales are $829,600, its costs of goods sold are $453,790.

To calculate the gross margin ratio, we need to use the following formula:

Gross margin ratio= (total sales - cost of goods sold) / total sales

Gross margin ratio= (829,600 - 453,790) / 829,600

Gross margin ratio= 0.45