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4. In Year Two, Peterson Company sold goods costing $365,000 for $660,000. The company's inventory had a beginning balance of $12,000 and an ending balance

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4. In Year Two, Peterson Company sold goods costing $365,000 for $660,000. The company's inventory had a beginning balance of $12,000 and an ending balance of $14,000. Calculate Peterson's gross profit percentage and inventory turnover for the year. (6 marks)

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