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Last month, Korey's Comics had $4,350 in net sales with a gross profit of $3,320 and a net income of $1,850. Calculate Korey's gross profit margin.

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Answer: 76.3%

Explanation: Gross profit margin is calculated by dividing the gross profit (difference between revenue and cost of goods sold) by revenue (Net sales). It could be expressed as a percentage by multiplying by 100.

Gross profit margin = (gross profit ÷ net sales) * 100

Gross profit = $3,320

Net sales = $4,350

Gross profit margin = ($3,320÷$4,350) * 100

0.763 * 100 = 76.3%

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The correct answer to this question on edgen is

C. 76.3%