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Question - For the 2021 year, the following data were taken from the accounting records.
$
Sales 900,000
Freight-out 3,600
Sales returns and allowances 30,000
Purchases 500,000
Selling expenses 4,975
Purchase returns and allowances 8,000
Depreciation expense 8,025
Freight-in 2,000
Inventory at 1/7/20 90,000
Discount allowed 2,800
Inventory at 30/6/21 130,000
Required - What the gross profit for the current year?
a. $396,600
b. $404,625
c. $416,000
d. $418,000
e. None of the above
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