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Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent. Net income Gross profit on sales Average total assets Sales Tax rate on operating profit $69,960 $700,400 $360,600 $1,356,504 35% Select one: A. 9.99% B. 33.56%

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abiolataiwo2015

Answer:

C.51.63%

Explanation:

Gross profit percentage = Gross profit/ Net sales ×100

Gross profit $700,400

Net sales $1,356,504

Hence ;

$700,400/$1,356,504 ×100

=51.63%

Therefore the gross profit percentage is

51.63%

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