Question: Calculate the gross margin percent . Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%). NOTE. There are four questions

Calculate the gross margin percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%).

NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise.

Cost ($) Retail ($)
Opening inventory 130,410 201,543
Gross purchases 418,390 884,916
Returns to vendors 1,726 3,514
Cash discounts 2,040
Alteration costs 1,620
Freight 1,690
Gross Sales 806,430
Customer returns 60,340
Markdowns 120,630
Markdown cancellations 3,048
Additional markup 360
Employee discounts 1,010
Closing physical inventory 212,803

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