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What is the amount of the gross profit

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Reference no: EM132815882

Question - During the current year, merchandise is sold for $675,000. The cost of the merchandise sold is $398,250.

a. Determining Gross Profit

b. What is the amount of the gross profit?

c. Compute the gross profit percentage (gross profit divided by sales).

d. When will the income statement necessarily report a net income?

Reference no: EM132815882

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