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2018 2017 Sales Sales returns and allowances Net sales Cost of goods sold: $307,000 $300,000...

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2018 2017 Sales Sales returns and allowances Net sales Cost of goods sold: $307,000 $300,000 5,100 7,800 $299,200 294,900 Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold 34,000 149,000 143,000 177,000 53,000 124,000 $174,200 $170,900 53,000 202,000 77,000 125,000 Gross profit ATC's gross profit ratio (rounded) in 2018 is: (Round your answer to one declmal place e.g., 0.123 as 12.3%) Multiple Choice 58.2%. 58.7%

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