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Using the following information, determine the amount of cost of goods sold. Sales are $265,000 and the gross profit rate is 10%. O a. $10,000

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Using the following information, determine the amount of cost of goods sold. Sales are $265,000 and the gross profit rate is 10%. O a. $10,000 O b. $26,500 O c. $238,500 O d. $265

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