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In Year Two, Peterson Company sold goods costing $365,000 for $660,000. The companys inventory had a beginning balance of $12,000 and an ending balance of

In Year Two, Peterson Company sold goods costing $365,000 for $660,000. The companys inventory had a beginning balance of $12,000 and an ending balance of $14,000. Calculate Petersons gross profit percentage and inventory turnover for the year.

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