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12. (LO 6) The gross profit rate is equal to: a. net income divided by sales. b. cost of goods sold divided by sales. c.
12. (LO 6) The gross profit rate is equal to: a. net income divided by sales. b. cost of goods sold divided by sales. c. net sales minus cost of goods sold, divided by net sales. d. sales minus cost of goods sold, divided by cost of goods sold
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