M6-14 (Algo) Computing and Interpreting the Gross Profit Percentage [LO 6-6] Sellall Department Stores reported...
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M6-14 (Algo) Computing and Interpreting the Gross Profit Percentage [LO 6-6] Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $2,000; Cost of Goods Sold, \$24,750; Income Tax Expense, \$2,700; Interest Expense, \$3,200; Interest Revenue, \$360; General Expenses, \$2.200; Net Sales, $41,250; and Delivery (freight-out) Expense, $460. Required: 1. Calculate the gross profit percentage
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