Jim had a very good quarter at his car lot with net sales reaching just over $456,000. This created a net inco

Question

Jim had a very good quarter at his car lot with net sales reaching just over $456,000.  This created a net income of $195,000.  If Jim's operating expenses last quarter were $23,000, what was his gross profit margin?
a.
5.0%
b.
37.7%
c.
42.8%
d.
47.8%

GPT-5 mini · Answer

Gross profit = Net income + Operating expenses = $195,000 + $23,000 = $218,000.
Gross profit margin = 218,000 / 456,000 ≈ 0.478 = 47.8%.

Answer: d. 47.8%

Jim had a very good quarter at his car lot with net sales reaching just over $456,000. This created a net income of $195,000. If Jim's operating expenses last quarter were $23,000, what was his gross profit margin?
a.
5.0%
b.
37.7%
c.
42.8%
d.
47.8%

All Answers 1

Submit Your Answer

Jim had a very good quarter at his car lot with net sales reaching just over $456,000. This created a net income of $195,000. If Jim's operating expenses last quarter were $23,000, what was his gross profit margin? a. 5.0% b. 37.7% c. 42.8% d. 47.8%

All Answers 1

Submit Your Answer

Jim had a very good quarter at his car lot with net sales reaching just over $456,000. This created a net income of $195,000. If Jim's operating expenses last quarter were $23,000, what was his gross profit margin?
a.
5.0%
b.
37.7%
c.
42.8%
d.
47.8%