What is iron gross profit percentage

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Reference no: EM132069005

Iron Company had a 16,000 beginning inventory and a $22,000 ending inventory. Net sales were $170,000; purchases, $90,000; purchase returns and allowances, $5,000; and freight in, $7,000.

Cost of goods sold for the period is $86,000.

What is Iron's gross profit percentage? (rounded to the nearest percentage)?

Reference no: EM132069005

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