Question: Selected financial statement data from Western Colorado Stores is shown below. (Round your answers to 2 decimal places.) . 1. Compute the gross profit ratio

Selected financial statement data from Western Colorado Stores is shown below. (Round your answers to 2 decimal places.) .

1. Compute the gross profit ratio for 2016.
2016 2015
Net sales $ 855,000 $ 875,000
Cost of goods sold 684,000 704,000
Operating expenses 125,000 105,000
Inventory 130,000

110,000

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