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Please answer this: Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales price. Convert the following gross

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Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales price. Convert the following gross profit percentages based on cost to gross profit percentages based on sales price: 25% and 33 1 /3%. Convert the following gross profit percentages based on sales price to gross profit percentages based on cost: 33 1 /3% and 60%.

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