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31. Net sales for the year were $300,000 and cost of goods sold was $174,000 for the company's existing products. A new product is presently

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31. Net sales for the year were $300,000 and cost of goods sold was $174,000 for the company's existing products. A new product is presently under development and has an expected selling price of not more than $55 per unit in order to remain competitive with similar products in the marketplace. Required (a) Calculate gross profit and the gross profit ratio for the year

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