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40

Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 $309,000 7,500 $301,500 2020 $304,
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Answer #1

Gross profit ratio is calculated as a percentage of net sales.

Hence ,

Gross profit ratio= gross profit/ net sales *100

=169500/301500*100

= 56.2%

Hence the correct option is A- 56.2 %

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