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QUESTION
Determine the operating ratio and gross profit margin ratio for Leanne's Boutique. Last month, the boutique made $176,000 in sales on goods which...
Determine the operating ratio and gross profit margin ratio for Leanne's Boutique. Last month, the boutique made $176,000 in sales on goods which cost $94,000. The boutique incurred 9,800 in operating expenses, and made $34,300 in purchases, resulting in a final inventory costing $54,900.
