During the current year, merchandise is sold for $3,750,000. The cost of the merchandise sold is $2,550,000.
Question:
a. What is the amount of the gross profit?
b. Compute the gross profit percentage (gross profit divided by sales).
c. Will the income statement necessarily report a net income? Explain.
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a Merchandise sold 3750000 Cost of the merchandise 2550000 Gross profit Merchandise sold Cost of t...View the full answer
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