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In 2020,CheyenneCompany had net sales of $901,000and cost of goods sold of $594,660. Operating expenses were $224,700, and interest expense was $13,100.Cheyenneprepares a multiple-step income

In 2020,CheyenneCompany had net sales of $901,000and cost of goods sold of $594,660. Operating expenses were $224,700, and interest expense was $13,100.Cheyenneprepares a multiple-step income statement.

Gross profit=306,340

Compute the gross profit rate.

Gross profit rate=?

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