Financial information is presented below:Operating expenses $ 45,000Sales returns and allowances 3,000Sales discounts 7,000Sales revenue 160,000Cost of goods sold 96,000The gross profit rate would bea ...36. b ...64. c ...40. d ...34.

a. 0.36

Explanation:

The computation of the gross profit rate is shown below:

Gross profit rate = Gross profit : Net sales revenue

where,

Net sales revenue = Sales revenue - Sales return and allowances - sales discounts

= $160,000 - $3,000 - $7,000

= $150,000

And, the Cost of goods sold is $96,000

So, the gross profit is

= $54,000 : $150,000

= 0.36