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A Company Shows the Following Balances What Is the Gross Profit Rate?
A) 56%
B) 70

Question 101

Multiple Choice

A company shows the following balances:  Sales Revenue $1,000,000 Sales Returns and Allowances 175,000 Sales Discounts 25,000 Cost of Goods Sold 560,000\begin{array} { l r } \text { Sales Revenue } & \$ 1,000,000 \\\text { Sales Returns and Allowances } & 175,000 \\\text { Sales Discounts } & 25,000 \\\text { Cost of Goods Sold } & 560,000\end{array} What is the gross profit rate?


A) 56%
B) 70%
C) 44%
D) 30%

Correct Answer:

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