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Unformatted text preview: Netincome=28,000-15,000=13,000 Florida company= Sales Returns=sales*net sales=5,000=sales-100,000 Sales=105,000 Gross profit=net sales less cost of goods sold 41,500=100,000 – COGS COGS=100,000-41,500=58,500 b. Determine the gross profit rate. (Round to one decimal places) NEW YORK COMPANY GROSS PROFIT RATE=28,000/84000*100=33.33% FLORIDA COMPANY GROSS PROFIT RATE= 41500/100000*100=41.5%...
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This note was uploaded on 08/22/2011 for the course ACCOUNTING 201 taught by Professor Stevejoseph during the Winter '11 term at Aarhus Universitet.
- Winter '11