Which of the following accounts is not included in the calculation for Gross Profit?
1. Which of the following accounts is not included in the calculation for Gross Profit?
a) Revenue
b) Cost of goods sold
c) Net sales
d) General and selling expenses
2. An item that cost $90 is sold for $120. The gross profit ratio for this item is;
a) 20%
b) 25%
c) 33.3%
d) 60%
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