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American Importers Reports Net Income of $50,000 and Cost of Goods

Question 125

Multiple Choice

American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company's gross profit rate was 40%, net sales were

A) $750,000.
B) $1,125,000.
C) $1,175,000.
D) $825,000.

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