The gross profit percentage is computed by dividing operating income by net sales.
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Q10: Most companies report sales revenue,sales returns and
Q11: When a periodic inventory system is in
Q12: In a periodic inventory system,only one journal
Q13: Gross profit is a ledger account name
Q14: Generally,a physical count of inventory is performed
Q16: A merchandising company's operating cycle begins with
Q17: Intel makes microchips from raw materials acquired
Q18: If a merchandiser offers a sales discount
Q19: A company either performs a service,sells inventory
Q20: In a periodic inventory system,the cost of
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