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Mormino Corporation's income statement appears below: Income Statement Sales (all on account) $1,240,000 Cost of...

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Accounting

Mormino Corporation's income statement appears below: Income Statement Sales (all on account) $1,240,000 Cost of goods sold 730,000 Gross margin 510,000 Operating expenses 450,462 Net operating income 59,538 Interest expense 18,000 Net income before taxes 41,538 Income taxes (35%) 14,538 Net income $27,000 The company's gross margin percentage is closest to

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