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%

His gross profit margin is 47.8%.

Step-by-step explanation:

Here, Total sales = $ 456,000

Net income = $ 195,000

Expenses = $ 23,000

⇒ Gross income = Net income + Expenses = $ 195,000 + $ 23,000 = $ 218,000

Since,

Thus, His gross profit margin is 47.8%.

⇒ Option d is correct.

look at photo

your answer is

a.

5

step-by-step explanation: