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The following information appeared in the accounting records of a retail store for the year ended December 31: Sales $300,000 Purchases 40,000 Inventories January 1

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The following information appeared in the accounting records of a retail store for the year ended December 31: Sales $300,000 Purchases 40,000 Inventories January 1 70,000 December 31 100,000 Sales commissions 10,000 The gross margin was $190.000 $180,000 $160.000 $150.000

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