Use the following information for questions 96-98.
During 2014, Vaughn Corporation sold merchandise costing $2,250,000 on an installment basis for $3,000,000. The cash receipts related to these sales were collected as follows: 2014, $1,200,000; 2015, $1,050,000; 2016, $750,000.
-What is the rate of gross profit on the installment sales made by Vaughn Corporation during 2014?
A) 75%
B) 60%
C) 40%
D) 25%

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The Answer of Use the following information for questions 96-98.
During 2014, Vaughn Corporation sold merchandise costing $2,250,000 on an installment basis for $3,000,000. The cash receipts related to these sales were collected as follows: 2014, $1,200,000; 2015, $1,050,000; 2016, $750,000.
-What is the rate of gross profit on the installment sales made by Vaughn Corporation during 2014?
A) 75%
B) 60%
C) 40%
D) 25%

Use the Following Information for Questions 96-98