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Calculate gross profit and net profit

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Question - Computers and more offers discounts to its customers and allows the customer to return the product if they are not satisfied. Computers and more had sales of $ 865,000 and offers the customer a payment term of 3/12 n / 30. The company received $ 10,000 in returned items. Cost of goods sold for the period after returns was $ 320,000. Operational expenses are $ 50,000. Calculate gross profit and net profit.

Reference no: EM132942947

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