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Question 1: On May 3, Lama company sold inventory for $120,000 to a customer on account with terms of 3/10, n/30. The sales allowance amounted to $30,000. The cost of inventory sold was $80,000. On May 11, Lama received payment from the customer. Calculate the amount of gross profit reported in the income statement.
Select one:
Option a. $32,400
Option b. $7,300
Option c. Another amount
Option d. $21,700
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