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Question 1 (1 point) A company shows the following balances: Sales Revenue Sales Returms and Allowances Sales Discounts Cost of Goods Sold $ 800,000 75,000

Question 1 (1 point) A company shows the following balances: Sales Revenue Sales Returms and Allowances Sales Discounts Cost of Goods Sold $ 800,000 75,000 25,000 490,000 What is the gross profit rate? 1) 61% 2) 70% 3) 30% 4) 39%

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