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7. In theSwiftyCompany, sales were $761000, sales returns and allowances were $26000, and cost of goods sold was $588000. The gross profit rate was 24.4%.

7.

In theSwiftyCompany, sales were $761000, sales returns and allowances were $26000, and cost of goods sold was $588000. The gross profit rate was

24.4%.

19.3%.

22.7%.

20.0%

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