Question 24 American Importers reports net income of $50,000 and cost of goods sold of

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 Question 24

American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company’s gross profit rate was 40%, net sales were

 

$750,000.

 

$1,125,000.

 

$825,000.

 

$1,175,000.
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