Georgia Peach Company reported net sales in June of the current year of $1,000,000. At the beginning of June, the company reported beginning inventory of $368,000. Cost of goods purchased during June amounted to $217,500. The company reported ending inventory at the end of June of $226,750. The company's gross profit rate for June of the current year was:
A) 35.9%
B) 18.8%
C) 81.2%
D) 64.1%
E) Impossible to determine from the information provided.

Question

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The Answer of Georgia Peach Company reported net sales in June of the current year of $1,000,000. At the beginning of June, the company reported beginning inventory of $368,000. Cost of goods purchased during June amounted to $217,500. The company reported ending inventory at the end of June of $226,750. The company's gross profit rate for June of the current year was:
A) 35.9%
B) 18.8%
C) 81.2%
D) 64.1%
E) Impossible to determine from the information provided.

Georgia Peach Company Reported Net Sales in June of the Current