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The following information was taken from Crazy A Corporation financial statements as of the end of Year 2. Net sales $500,000 Cost of goods sold

The following information was taken from Crazy A Corporation financial statements as of the end of Year 2.

Net sales $500,000
Cost of goods sold 300,000
Operating expenses 100,000
Interest expense 58,000
Income taxes expense 12,000
Total assets 180,000 Year 1 ending balance $150,000
Total liabilities 120,000 Year 1 ending balance $100,000
Total equity 60,000 Year 1 ending balance $ 45,000

Crazy A's gross profit margin is:

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