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Question(s) / Instruction(s):

A company shows the following balances:

     Sales                                                                                                  $1,200,000

     Sales Returns and Allowances                                                $175,000

     Sales Discounts                                                                            $25,000

     Cost of Goods Sold                                                                     $600,000

What is the gross profit percentage?

a)            50%.

b)            60%.

c)            40%.

d)            33%.

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