A Company Shows the Following Balances What Is the Gross Profit Rate?
A)61%
B)70%
C)30%
D)39

Multiple Choice

A company shows the following balances: $$\begin{array} { l r } \text { Sales Revenue } & \$ 800,000 \\\text { Sales Returns and Allowances } & 75,000 \\\text { Sales Discounts } & 25,000 \\\text { Cost of Goods Sold } & 490,000\end{array}$$ What is the gross profit rate?

A) 61%
B) 70%
C) 30%
D) 39%