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Platoon Inc. made sales of $94,100 during the current year. The cost of goods sold was $68,300. The company calculated its gross profit ratio, but

Platoon Inc. made sales of $94,100 during the current year. The cost of goods sold was $68,300. The company calculated its gross profit ratio, but later, its inventory records indicated an inventory shrinkage of $1,550. What is the effect of inventory shrinkage on the gross profit percent?

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