Murray’s Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company’s gross profit rate is 40%, Murray’s will report monthly net sales revenue and cost of goods sold of
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$38,000 and $22,800. |
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$37,200 and $14,880. |
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$37,200 and $22,320. |
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$38,000 and $22,320. |