
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Provide step by step calculation and give correct answer

Transcribed Image Text:Financial information is presented below:
Operating Expenses $21000
Sales Returns and Allowances $7000
Sales Discount $3000
Sales Revenue $150,000
Cost of Goods sold $105,000
The profit margin rate would be
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