Question - Wedge Company had a $32,000 beginning inventory and a $35,000 ending inventory. Net sales were $149,000; purchases, $93,000; purchase returns and allowances, $5,000; and freight in, $7,000. Cost of goods sold for the period is $92,000.
What is Wedge's gross profit percentage (rounded to the nearest percentage)?
A. 23%
B. 21%
C. 62%
D. 38%