During the past year, the companys financial results reflected the following: Selling, general, and administrative...
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Accounting
During the past year, the companys financial results reflected the following:
Selling, general, and administrative expenses of $200,000
Net sales of $1,200,000
Interest expense of $100,000
Research & development expense of $50,000
Cost of goods sold of $800,000
Income tax expense of $17,500
Calculate gross profit % for the year.
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