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Bailey's Textiles, Inc., uses a perpetual inventory system. In February, BethanyBethany Bailey's sold$475,000 of merchandise on account with terms 1/10, n/30. The cost of the
Bailey's Textiles, Inc., uses a perpetual inventory system. In February, BethanyBethany Bailey's sold$475,000 of merchandise on account with terms 1/10, n/30. The cost of the merchandise sold was $180,000. Using this information, calculate the gross profit from the sale and the gross profit ratio. Assume that the customer does not pay within the discount period. Calculate the gross profit from the sale.
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