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Thomas Industries reported thefollowing: Net sales- $ 480,000 Cost of goods sold- $350,000 Operating expenses- $55,000 Tax rate-40% The gross profit percentageis: (Round your final

Thomas Industries reported thefollowing:

Net sales- $480,000

Cost of goods sold-$350,000

Operating expenses-$55,000

Tax rate-40%

The gross profit percentageis: (Round your final answer to the nearestpercentage.)

27%.

15%.

29%.

73%.

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