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What thompson gross profit ratio is

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Reference no: EM132931016

Thompson TV and Appliance reported the following in its 2021 financial statements:

2021

Sales$434,000

Cost of goods sold:

Inventory, January 1 71,000

Net purchases 325,000

Goods available for sale 396,000

Inventory, December 31 104,000

Cost of goods sold 292,000 Gross profit$142,000

Problem 1: Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.)

Multiple Choice

Option 1: None of these answer choices are correct.
Option 2: 33%.
Option 3: 25%.
Option 4: 36%.

Reference no: EM132931016

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