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A company has the following balances for the year ended 30th June 2020: cost of goods sold $340,000, beginning inventory $20,000, sales $691,000, sales returns

A company has the following balances for the year ended 30th June 2020: cost of goods sold $340,000, beginning inventory $20,000, sales $691,000, sales returns $20,000 and cost of goods available for sale $345,000. What is the gross profit percentage for the year ended 30th June 2020?

a. Gross Profit 49%

b. Gross Profit 52%

c. Gross Profit 47%

d. Gross Profit 51%

e. None of the above

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