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Excerpts from Johnson Company's December 31, 2020, financial statements are presented below: 2020 Accounts receivable $80,000 Inventory 84,000 Net sales 400,000 Cost of goods sold

Excerpts from Johnson Company's December 31, 2020, financial statements are presented below: 2020 Accounts receivable $80,000 Inventory 84,000 Net sales 400,000 Cost of goods sold 254,000 Total assets 850,000 Total stockholders equity 500,000 Net income 75,000 Johnsons gross profit ratio for 2020 is:

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