Palamino Company had an $18,000 beginning inventory and a $21,000 ending inventory. Net sales were 200,000; purchases, $95,000; purchase returns and allowances, $6,000; and freight in,$8,000.What is Palamino's gross profit percentage (rounded to the nearest percentage)? ( ) A: 53% B: 9% C: 47% D: 11%
Palamino Company had an $18,000 beginning inventory and a $21,000 ending inventory. Net sales were 200,000; purchases, $95,000; purchase returns and allowances, $6,000; and freight in,$8,000.What is Palamino's gross profit percentage (rounded to the nearest percentage)? ( ) A: 53% B: 9% C: 47% D: 11%
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