American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the… 1 answer below »

American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company’s gross profit rate was 40%, net sales were

$1,175,000.

$1,125,000.

$750,000.

$825,000.