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The following cost data pertains to Crazy Cow Corp. for December 31st, 2022:
Ending Raw Materials Inventory: $160,000
Beginning Work-in-Process: $40,000
Ending Work-in-Process: $20,000
Direct Materials Used: $100,000
Direct Costs Incurred in Production: $200,000
Indirect Costs Incurred in Production: $100,000
Beginning Finished Goods Inventories: $120,000
Ending Finished Goods Inventories: $60,000
Sales: $600,000
Selling and Administrative Expenses: $160,000
Crazy Cows Gross Profit Percentage for 2022 was:
a.
37%
b.
33%
c.
50%
d.
67%
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