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Compute the gross profit rate and gross profit

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Question - Orchard Supply had gross sales revenue of $1,500,000, cost of goods sold of $750,000, sales returns and allowances of $32,500, and allowed sales discounts of $10,000.

Compute for the year:

A. NET SALES

B. GROSS PROFIT

C. GROSS PROFIT RATE

Reference no: EM132093171

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