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Problem 1: Olly Company is a merchandising business that sells dog food. Based on the following information, What is the gross margin for Olly company?
Sales Revenue $500,000
Cash $100,000
Accounts Receivable $50,000
Inventory $25,000
Cost of goods sold $300,000
Operating expenses $40,000
A. $135,000
B. $160,000
C. $200,000
D. $285,000
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