Cooper Ltd has recorded sales of $400,000 and sales returns of $20,000. Their cost of sales is $250,000. What is their gross profit rate (expressed as a percentage)? Input your answer using whole numbers only, no dollar signs ($), commas (,) or full stops (.) percentages (%) or negative numbers (-) or spaces. Round to whole numbers if necessary. E.g. is the answer is 64.7% then input 65

Step 1: Calculate Net Sales Net Sales is the total sales minus the sales returns. So, Net Sales = $400,000 -$20,000 = $380,000.

Step 2: Calculate Gross Profit Gross Profit is the Net Sales minus the Cost of Sales. So, Gross Profit = $380,000 -$250,000 = $130,000.

Step 3: Calculate Gross Profit Rate Gross Profit Rate is the Gross Profit divided by the Net Sales, multiplied by 100 to get a percentage. So, Gross Profit Rate = ($130,000 /$380,000) * 100 = 34.21%.

Rounding to the nearest whole number, the Gross Profit Rate is 34%.

Step 1: Calculate the net sales. Net sales is the total sales minus the sales returns. So, the net sales is $400,000 -$20,000 = $380,000.

Step 2: Calculate the gross profit. Gross profit is the net sales minus the cost of sales. So, the gross profit is $380,000 -$250,000 = $130,000.

Step 3: Calculate the gross profit rate. The gross profit rate is the gross profit divided by the net sales, multiplied by 100 to get a percentage. So, the gross profit rate is ($130,000 /$380,000) * 100 = 34.21%.

Rounding to the nearest whole number, the gross profit rate is 34%.