Given the following data: sales $1,500,000; gross profit $640,000; net income $40,000 and income tax expense $35,000.
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Question:
Given the following data: sales $1,500,000; gross profit $640,000; net income $40,000 and income tax expense $35,000. What is the common-size percentage for the cost of sales?
a) 3.0%
b) 37.7%
c) 42.7%
d) 57.3%
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