Question: Selected financial statement data for Schmitzer Inc. is shown below: Balance sheet: 2011 2010 Inventories 69,000 66,000 Ratios: Gross profit ratio for 2011: 44% Inventory

Selected financial statement data for Schmitzer Inc. is shown below: Balance sheet: 2011 2010 Inventories 69,000 66,000 Ratios: Gross profit ratio for 2011: 44% Inventory turnover ratio for 2011: 7 What was the amount of net sales for 2011

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