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Which of the following statements is true? I. When fixed costs are included in the...

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Accounting

Which of the following statements is true? I. When fixed costs are included in the cost of goods sold, the gross margin percentage should increase and decrease with sales volume. II. The gross margin percentage is computed by dividing sales by the gross margin. Multiple Choice Only statement I is true, Both statements are true. Only statement II is true. Neither statement is true

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