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Calculate the percentage gross margin

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Problem 1. Calculate the percentage gross margin (i.e., total net sales less cost of sales sold divided by total net sales, where "total net sales" is "net sales" plus "net sales to related parties") for the fiscal year ending on Dec. 31, 2012 assuming U.S. Steel Corporation had used the FIFO cost flow assumption for its entire inventory.

Reference no: EM132459385

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