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If Total Merchandise Available for Sale Is 80 Percent of Net

Question 127

Multiple Choice

If total merchandise available for sale is 80 percent of net sales and ending inventory is 26 percent of net sales, gross profit on sales is:

A) 20 percent of net sales.
B) 74 percent of net sales.
C) 26 percent of net sales.
D) 46 percent of net sales.

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