A company reported the following in its 2024 financial statements: 2024 Sales $ 420,000 Cost of goods
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Question:
A company reported the following in its 2024 financial statements:
2024 | |
---|---|
Sales | $ 420,000 |
Cost of goods sold: | |
Inventory, January 1 | 82,000 |
Net purchases | 340,000 |
Goods available for sale | 422,000 |
Inventory, December 31 | 86,000 |
Cost of goods sold | 336,000 |
Gross profit | $ 84,000 |
What is the company's 2024 gross profit ratio ?
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