A Company Shows the Following Balances What Is the Gross Profit Rate?
A) 53%
B) 60

Multiple Choice

A company shows the following balances: $$\begin{array} { l r } \text { Sales Revenue } & \$ 800,000 \\\text { Sales Returns and Allowances } & 75,000 \\\text { Sales Discounts } & 25,000 \\\text { Cost of Goods Sold } & 420,000\end{array}$$ What is the gross profit rate?

A) 53%
B) 60%
C) 40%
D) 47%