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Suppose Bonzai Boards Inc. had sales of $180,000, operating expenses of $30,000, cost of goods sold of $110,000, and income tax expense of $12,000. What

Suppose Bonzai Boards Inc. had sales of $180,000, operating expenses of $30,000, cost of goods sold of $110,000, and income tax expense of $12,000.

What was the gross profit percentage?
What is the significance of the gross profit %?

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