Medina Enterprises The following selected financial information is available for Medina for the year ended December 31,
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Medina Enterprises The following selected financial information is available for Medina for the year ended December 31, 2010:
Net sales $450,000 Inventory, 1/1/10 $48,400 Cost of goods sold $299,500 Inventory 12/31/10 $49,670 What is Medina’s gross profit ratio for 2010?
a. 33.44%
b. 50.25%
c. 66.55%
d. 299.00%
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