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Net sales for the year were $1,100,000 and cost of goods sold was $781,000 for the companys existing products. A new product is presently under
Net sales for the year were $1,100,000 and cost of goods sold was $781,000 for the companys existing products. A new product is presently under development and will have an expected selling price of not more than $69 per unit in order to remain competitive with similar products in the marketplace.
Required: |
a. | Calculate gross profit and the gross profit ratio for the year.
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