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At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic

At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, the companys cost of goods sold and gross profit rate must be

$1,400,000 and 30%.

$1,400,000 and 70%.

$1,000,000 and 30%.

$1,000,000 and 50%.

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