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1. Item which cost $90 is sold for $120. Gross profit ratio for this item is:
a. 20%
b. 25%
c. 33.3%
d. 60%
 
2. Compute break-even point volume if selling price per unit is $100, variable costs per unit are $40 and fixed costs for month are $60,000.
a. 0
b. 360
c. 720
d. 1,000

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