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Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax
Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIPO is elected IE FIFO is elected $2,950 $2,480 $ 700 308 $ 990 $1,250 What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.) Gross profit ratio
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