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What is the amount of the gross profit

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Reference no: EM132710657

Problem - Determining gross profit - During the current year, merchandise is sold for $6,400,000. The cost of the goods sold is $5,376,000.

Required -

a. What is the amount of the gross profit?

b. Compute the gross profit percent.

c. Will the income statement necessarily report a net income? Explain.

Reference no: EM132710657

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