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The following is an extract from Beale Co's statement of financial position for the year ended 31 December 20X1: 20X1 Inventory $38,000, 20X0 Inventory $42,000. Sales and purchases during 20X1 were $80,000 and $10,000 respectively. What was the gross profit percentage for the year ended 31 December 20X1? Gross profit percentage was ________% (enter to 2 decimal places) |