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A company shows the following balances: Sales Revenue $1,500,000 Sales Returns and Allowances $120,000 Sales Discounts $30,000 Cost of Goods Sold $675,000 What is the gross profit rate? a. 45% b. 50% c. 55% d. 60%

A company shows the following balances: Sales Revenue $1,500,000 Sales Returns and Allowances $120,000 Sales Discounts $30,000 Cost of Goods Sold $675,000 What is the gross profit rate? a. 45% b. 50% c. 55% d. 60%

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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A company shows the following balances: Sales Revenue $1,500,000 Sales Returns and Allowances $120,000 Sales Discounts $30,000 Cost of Goods Sold $675,000 What is the gross profit rate? a. 45% b. 50% c. 55% d. 60%
Transcribed Image Text:A company shows the following balances: Sales Revenue $1,500,000 Sales Returns and Allowances $120,000 Sales Discounts $30,000 Cost of Goods Sold $675,000 What is the gross profit rate? a. 45% b. 50% c. 55% d. 60%
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