Flag Company had a $16,000 beginning inventory and a $ 17,000 ending inventory. Net sales...
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Flag Company had a $16,000 beginning inventory and a $ 17,000 ending inventory. Net sales were $170,000; purchases $91,000; purchase returns and allowances $2,000; and freight in $8,000. Cost of goods sold for the period is $96,000. What is Flag's gross profit percentage (rounded to the nearest percentage?
A) 44% B) 10% C) 9% D) 56%
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