Q2 Accounting Homework

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Given below are account balances for Charlie Company:

Gross sales, $108,000

Sales returns and allowances, $5,000

Selling expenses, $12,000

Cost of goods sold, $54,000

Interest expense, $3,000

How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example – enter 46% as .46)

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