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If cost of goods sold is $640,000 and the gross profit rate is 20%, what is the gross profit? Multiple Choice $160,000. $512,000. $640,000. $3,200,000

If cost of goods sold is $640,000 and the gross profit rate is 20%, what is the gross profit?

Multiple Choice $160,000.

$512,000.

$640,000.

$3,200,000

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