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In the Augie Company, Sales Were $750,000, Sales Returns and Allowances

Question 173

Multiple Choice

In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of goods sold was $450,000.The gross profit rate was

A) 36%.
B) 37.5%.
C) 40%.
D) 41.7%.

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