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Tulsa Corporation reported the following data: Freight in $20,000 Sales returns $10,000 Purchases 205,000 Purchase returns 6,000 Beginning inventory 50,000 Sales revenue 490,000 Purchase discounts 4,000 Ending inventory 40,000 Tulsa's gross profit percentage is: a. 47.9%. b. 52.1% c. 53.1%. d. 54.0%.

Tulsa Corporation reported the following data: Freight in $20,000 Sales returns $10,000 Purchases 205,000 Purchase returns 6,000 Beginning inventory 50,000 Sales revenue 490,000 Purchase discounts 4,000 Ending inventory 40,000 Tulsa's gross profit percentage is: a. 47.9%. b. 52.1% c. 53.1%. d. 54.0%.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tulsa Corporation reported the following data: Freight in $20,000 Sales returns $10,000 Purchases 205,000 Purchase returns 6,000 Beginning inventory 50,000 Sales revenue 490,000 Purchase discounts 4,000 Ending inventory 40,000 Tulsa's gross profit percentage is: a. 47.9%. b. 52.1% c. 53.1%. d. 54.0%.
Transcribed Image Text:Tulsa Corporation reported the following data: Freight in $20,000 Sales returns $10,000 Purchases 205,000 Purchase returns 6,000 Beginning inventory 50,000 Sales revenue 490,000 Purchase discounts 4,000 Ending inventory 40,000 Tulsa's gross profit percentage is: a. 47.9%. b. 52.1% c. 53.1%. d. 54.0%.
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