Question: Please provide the answer to this general accounting question with proper steps. Summit Electronics reported the following financial data for the year: Net Sales Revenue:

Please provide the answer to this general accounting question with proper steps.

Summit Electronics reported the following financial data for the year: Net Sales Revenue: $980,000 Cost of Goods Sold (COGS): $620,000 What is the gross margin for Summit Electronics? A. $360,000 B. $400,000 C. $350,000 D. $370,000

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