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Determine the gross margin percent for a department with the following figures: Net sales $350,000 Net purchases 135,600 Opening inventory 120,000 Closing inventory 82,000 Freight

Determine the gross margin percent for a department with the following figures: Net sales $350,000 Net purchases 135,600 Opening inventory 120,000 Closing inventory 82,000 Freight inward 6,400 Cash discounts 8,950 Alteration costs 4,950 a. 49.71% b. 49.0%

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