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Determine the Thompson gross profit ratio

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Reference no: EM132991536

Question - Thompson TV and Appliance reported the following in its 2021 financial statements:

2021 Sales $434,000 Cost of goods sold:   Inventory, January 1 71,000 Net purchases 325,000 Goods available for sale 396,000 Inventory, December 31 104,000 Cost of goods sold 292,000 Gross profit $142,000

Required - Determine the Thompson's 2021 gross profit ratio?

Reference no: EM132991536

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