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Question - At December 31, 20CY, Sarah Inc.'s accounting records show the following accounts and balances:
Merchandise inventory, January 1
450,000
Purchases
1,500,000
Purchase Discounts
36,000
Freight in
24,000
Salaries and Wages
750,000
Freight out
46,600
Sales Discounts
55,500
Sales
3,650,000
Advertising Expenses
38,000
Depreciation Expense
123,000
Sales returns and allowances
34,500
Rent Expense
120,000
The company took a physical inventory count at December 31, 20CY and noted that P324,000 of inventory remain unsold on that date.
Required - What is the Profitability Ratio of Sarah for the year?
a. 24.39%
b. 54.66%
c. 45.33%
d. 23.79%
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