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Wedge Company had a $24,000 beginning inventory and a $27,000 ending inventory. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $8,000; and freight

Wedge Company had a $24,000 beginning inventory and a $27,000 ending inventory. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $8,000; and freight in, $9,000. Cost of goods sold for the period is $78,000. What is Wedge's gross profit percentage (rounded to the nearest percentage)?

A. 1515%

B. 5151%

C. 4949%

D. 1717%.

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