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what was his gross profit margin?

Author:
February 26th, 2017

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Question description
Jim had a very good quarter at his car lot with net sales reaching just over $456,000. This created a net income of $195,000. If Jim’s operating expenses last quarter were $23,000, what was his gross profit margin?
a.
5.0%
b.
37.7%
c.
42.8%
d.
47.8%
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