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Highway Company had a $28,000 beginning inventory and a $35,000 ending inventory. Net sales were $184,000; purchases, $93,000; purchase returns and allowances, $7,000 and freight-in,
Highway Company had a $28,000 beginning inventory and a $35,000 ending inventory. Net sales were $184,000; purchases, $93,000; purchase returns and allowances, $7,000 and freight-in, $3,000. Cost of goods sold for the period is $82,000. What is Highway's gross profit percentage (rounded to the nearest percentage)? O A. 56% B. 55% C. 45% D. None of the above
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